Equiti Capital Signs SoC for FX Global Code

Equiti Capital says it has signed a Statement of Commitment to the FX Global Code, which provides a common set of guidelines for conduct in the wholesale FX market.

The move is an interesting one as the firm becomes one of the first from the retail/small institutional brokerage world to sign up, even though the Code is explicitly for the wholesale market, and highlights one of the challenges for both the industry and the Code itself. Equiti Capital offers CFD and index trading, both of which are largely associated with the retail end of the spectrum, however it also claims institutional clients and acts as a principal itself when clearing risk in the FX markets.

Equiti Capital says it has taken the appropriate steps, based on the size and complexity of its activities and the nature of its engagement in the FX market, to align its activities to adhere to the principles of the Code. It adds that all global entities within the broader Equiti Group will also embrace the principles of the Code.

“Signing the FX Global Code of Conduct supports Equiti’s client-focused approach to liquidity provision in the FX market,” says Benedict Sears, head of Equiti’s FX agency desk and group head of FX and precious metals liquidity. “The Code provides a framework to evaluate execution choices and helps clients know what to expect from counterparties and liquidity providers, a principle fully supported by Equiti. We encourage more trading counterparties and market participants to adopt the Code to contribute to a robust global financial market.”