ACI FMA has presented a response to the GFXC on ‘pre-hedging’ and ‘last look’.
Following the new Request for Feedback published by the Global FX Committee (GFXC) on the 11th May 2021, related to the usage of ‘pre-hedging’ and ‘last look’ within the FX Markets, ACI Financial Markets Association (ACI FMA) welcomed the contribution of its members who volunteered to work on the submission of a collective response to the guidance papers for these two topics, aimed at supporting the wider knowledge and understanding of these practices in the context of the FX Global Code.
In a process coordinated by its Committees and Working Groups, and after having already provided a response to the GFXC’s previous Request for Feedback related to the upcoming review of the FX Global Code (published on 8th April 2021), ACI FMA is, once again, extremely happy to contribute to the development of this very important set of guidelines to the FX Market.
Our Association firmly believes that these types of initiatives launched by the GFXC are welcomed by the global financial markets industry, as they further demonstrate that the FX Global Code continues to be the result of collective and ongoing efforts undertaken by Market Participants, involved in all sectors of the FX Market. In our view, this extensive cooperation is essential to promote the adherence to the good market practices advocated by the Code which, in doing so, strongly assists the effective functioning of the FX Market.
ACI FMA is looking forward to the proposed new version of the FX Global Code which is estimated to be published in the next few months and we fully support all the ongoing work that the Global FX Committee does towards its evolution.
ACI FMA will be updating the content of the FX Global Code in our ELAC platform as soon as the new version of the Code is published by the GFXC, to ensure Market Participants can train and test their knowledge according to that revised set of guidelines of good market practice for the FX Market.
Furthermore, ACI FMA has expressed total availability to collaborate and stated that we are at the disposal of the GFXC to cooperate in the completion of these processes.
As soon as ACI FMA receives feedback on its response or there are any developments to the process, we will update our website and LinkedIn with additional information.