K & K G L O B A L C O N S U LT I N G
RESEARCH
Phase 2
FX Global Code of Conduct
25th May 2017, at the time we write this article, the second phase
of the FX Global Code of Conduct ("Global Code") has just been
published by the newly established Global Foreign Exchange
Committee (“GFXC”). With a tight deadline sending the Buy-
side Principles issue 9 for print on the same day, we extracted
the following new principles under the "Execution" section for
you. The bullets below outlines the headings for the additional
principles in the Global Code with the exception of the highly
anticipated principle 17 about "Last Look" where we included all
the details. Read all the details about phase two of the Global Code
in the following URL: http://www.globalfxc.org/docs/fx_global.pdf
Additional two new roles and principles are specified under
PRINCIPLE 9 Market Participants should handle orders fairly
and with transparency in line with the capacities in which they
act.
• Market Participants operating FX E-Trading Platforms
• Market Participants acting as Interdealer Brokers (IDBs)
PRINCIPLE 13 Market Participants should understand how
reference prices, including high