LMAX Exchange committed to FX Global Code of Conduct

LMAX Exchange

The launch of the first ever FX Global Code of conduct is now upon us and I sincerely hope the market adopts it wholeheartedly and strives to improve on it in the months and years ahead.

Specifically we expect that Principle 17 will be enhanced. It currently states trading activity in the last look window as ‘likely inconsistent’ with good market practice we hope it will made inconsistent with good market practice in short order.


Video commentary by David Mercer, LMAX Exchange CEO

Guy Debelle should be congratulated for overseeing the birth of the code over the past 2 years and now the industry needs to follow the path of transparency highlighted throughout the Code to rebuild trust in our great FX market.

As the first participant to commit we now point you to our rulebook which includes a firm statement of commitment to the Global Code reflecting our support and adherence.

In tandem with the code, we recently released our new white paper: ‘TCA and fair execution: The metrics that the FX industry must use

The white paper proposes a blueprint for FX TCA metrics that can equip clients, ALL clients, with an effective evaluation of their cost of trading and quality of execution.

This can be start of bringing TCA out of the shadows and illuminating the stark choice for customers which is confusion and opacity or ……………     simplicity and transparency. Simplicity and transparency that’s advocated for in the Global Code.

The Global code and our white paper sit hand in hand and together provide an excellent template for a better, more efficient, more transparent FX marketplace. Download a copy here www.lmax.com/TCAwhitepaper today.

If you have any questions or feedback on the white paper or indeed the Global Code and our commitment to it, please reach out to me directly on email and social media or email [email protected]


The brave new world of FX starts today, a long way from the bad old day of Jurassic FX.

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