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Pre-trade hedging & ‘last look’, allowed in the FX Global Code of Conduct?
This week we’ve seen a lot in the process about the global code of conduct and a lot of the issues that we raise within that. Guy Debelle, who is the chair of the FX working group charged with issuing the code of conduct, welcomed concerns to be raised from the market. I met Guy 14 months ago, and our concerns are the same, it appears the global code will allow last look, and it appears that pre-trade hedging, will be permissible, as long as they’re disclosed to the client. Put simply, it’s impossible for any client to understand all the disclosures, from all the different market participants around this opaque practice, it is impossible.
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Pre-trade hedging & ‘last look’, allowed in the FX Global Code of Conduct?
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Daily FX Market Commentary
Good morning, LMAX Close USDJPY 111.74 | EURUSD 1.07504 | AUDUSD 0.76601 | NZDUSD 0.73078 | USDCAD 1.30847 | USDCHF 0.99087 | GBPUSD 1.24674 | LMAX Highs and Lows 6am GMT Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â High | Low EURUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.07498 | 1.07044 USDJPYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 111.964 | 111.593 GBPUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 1.24873 | 1.24584 USDCHFÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 0.99448 | 0.99075 AUDUSDÂ Â Â Â Â Â Â Â Â Â Â Â Â 0.76810 […]
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Euro Looks Inward and Not Liking What it Sees
The Euro is under pressure in the early week, with the single currency focusing back on its own political woes and structural deficiencies. Economic data has clearly been less relevant as evidenced by last Friday’s softer US hourly earnings and Monday’…