Northern Trust Recommits to the FX Global Code
Posted by Colin Lambert. Last updated: July 28, 2022
With just a few days remaining until the Global Foreign Exchange Committee’s unofficial deadline for reviewing and recommitting to the updated 2021 version of the FX Global Code, Northern Trust has completed its review and renewed its Statement of Commitment.
The Code was updated last July with revised principles around anonymous and algorithmic trading, settlement risk, and, most pertinently, around disclosures. The GFXC also published two guidance papers on pre-hedging and last look, and then-GFXC chair Guy Debelle followed by committing the Code to zero additional hold time on last look, something that has proven somewhat controversial.
“We are pleased to renew our commitment to the FX Global Code and continue to support the objective of a fair, open and transparent global FX market underpinned by high practice standards, ethics and governance,” says Marissa Kurk, global head of foreign exchange at Northern Trust.