XTX Commits and Re-Adheres to the FX Global Code

With the one-year anniversary of the issuing of the updated FX Global Code fast approaching, XTX Markets has completed its review of the updated Code and issued a new Statement of Commitment.

The new version of the Code contains disclosure sheets to help consumers compare their providers in areas such as algorithmic execution and, more controversially, last look. The latter was widely seen as a tricky area, especially when then Global Foreign Exchange Committee (GFXC) chair Guy Debelle explicitly supported zero additional hold times when using last look.

At the time the updated Code was released, the GFXC suggested that 12 months was sufficient time for market participants to embed the updated principles in their business and while some firms have adjusted their disclosures to embed no additional hold times in their last look process, a significant number are yet to do so.

XTX says it has reviewed the contents of the revised Code and acknowledges that it represents a set of principles generally recognised as good practice in the wholesale foreign exchange market.

It also confirms that it acts as a market participant as defined by the revised Code and is committed to conducting its FX activities in a manner consistent with the principles of the Code.

To this end, the firm says in a statement, XTX 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 and fully adhere with the principles of the revised Code as laid out by the GFXC in the revised document. “This includes confirmation that XTX is zero hold time with both disclosed bilateral counterparties and with undisclosed counterparties on anonymous trading platforms,” it stresses.