The Bank of England welcomes the announcement today by the Financial Conduct Authority (FCA) that is has recognised the voluntary FX Global and UK Money Markets Codes under its codes recognition scheme. The FCA’s scheme was launched last year and is for codes that apply to unregulated financial markets and activities. It is the first time that the FCA has recognised a code under this scheme.
The full story can be found on the Bank’s website here, by clicking HERE.
The FCA’s page on recognition of industry codes can also be found HERE.
Article reports that Nasdaq and Bolsas y Mercados Españoles (BME), have been investigated by the European Commission’s antirust arm over concerns they are overpricing stock market data. Tensions between venues, brokers and regulators have triggered the probe on how the information is sold; and a deeper examination may lead to anti-competitive practices findings and potential fines. The article includes comments from Alex McDonald, chief executive of the European Venues and Intermediaries Association, stating: “It’s a topic that’s not going to go away.”
Article reports that two years after the publication of the FX Global Code of Conduct, less than 50 buy-side market players have committed to the new standards, however, the buy side is progressively leveraging the Code to scrutinise the sell side; a powerful tool, according to David Clark, chairman of EVIA and member of the Global Foreign Exchange Committee. Clark, optimistic about a wider adoption and the impact of the Code’s adoption in the industry, believes that FX market participants are increasingly aware of the importance of signing the Code’s commitment which provides reassurances that a firm will behave in an orderly manner.
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