Neill Penney, co-head of Trading at Thomson Reuters, is joining the Global Foreign Exchange Committee (GFXC), a newly-constituted forum of central bankers and experts working towards the promotion of the FX Global Code of Conduct.
He will serve with GFXC as the private sector representative of the London Foreign Exchange Joint Standing Committee (FXJSC), which is a forum for discussion of the wholesale foreign exchange market.
Established in May 2017, the GFXC brings together central banks and private sector participants with the aim to promote a transparent FX market in which a diverse set of participants can transact at competitive prices based on acceptable standards of behaviour.
Given a groundswell of support from industry participants to the FX Global Code of Conduct, the GFXC was established to promote collaboration and communication around the Code’s implementation. It also aims to update the FX Global Code on a regular basis and to consider practices and mechanisms to support adherence.
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The FX Global Code, which was prepared by the Bank of International Settlements (BIS), consists of 55 principles of good practices that will function as a guide to ethical behavior in the FX market. Published in May 2017, the initiative emphasizes the growing need for transparency in the industry execution and governance.
After lengthy industry collaboration and planning, the document will help foster more robust, fair, liquid, open, and appropriately transparent marketplaces, where different market participants are actively supported by a resilient infrastructure.
Before joining Thomson Reuters, Penney was the global head of foreign exchange product strategy at Morgan Stanley. Based in London, Penney has started his tenure at Reuters’ marketplaces business back in 2013 after having previously worked in a similar role at FXall between 2001 and 2009.
Commenting on his appointment, Penney said: “The Code is a breakthrough in conduct reform across the FX industry, aiming to set a universally high bar for behavior that is applicable in all countries and for all types and sizes of market participant. In light of the importance of the Code, the invitation to join the GFXC is an honor for me personally and, I believe, recognition of Thomson Reuters’ strong and long-standing commitment to facilitating an FX market that is open, fair, and efficient for all of its participants.”
Rohan Churm, acting Chair of the FXJSC, added: “I am delighted that Neill has agreed to represent the FXJSC on the committee. The FXJSC is committed to assisting the GFXC in achieving its aim to promote a robust, liquid, open, and appropriately transparent FX market and to fulfill its vital role in maintaining the Code. The success of the GFXC and the Code is due in part to the unique public/private sector partnership the GFXC creates and I look forward to continuing that strong relationship going forward.”