Let’s Make FX the Byword for Fairness
Eurobase's David Woolcock weighs in on dwindling volumes and regulatory pressures.
Ahead of its London Summit this November, Finance Magnates has conducted a series of interviews with its upcoming speakers to help provide a glimpse into the marquee event. In this first installment, David Woolcock, the Director of Business Consulting at Eurobase Banking Solutions, provides his insight and perspective into the event, as well as the market itself moving forward.
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1. What is your position and what does your role entail?
As Chair of the Committee for Professionalism I am responsible for the Model Code a comprehensive guide to best practice, ethics and practical guidelines. It is the most comprehensive and widely used international code covering a broad range of conduct issues, from the detailed processes of the back office right through to the up-to-date functions of the electronic platforms utilised by the front office.
The biggest challenge is in adapting to the new world order and democratising the FX market
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2. What was the single most important event or development that the market saw in 2016?
Managing the decline in volumes while preparing for a tighter regulatory standard for many market participants.
3. What are the biggest challenges that the FX trading community is facing? How do they affect your field?
The biggest challenge is in adapting to the new world order and democratising the FX market for a broader range of participants adopting multi-faceted roles.
4. What is the main message you’d like to convey to London Summit delegates?
Let’s work together to restore trust and confidence in the FX market making it the byword for fairness and transparency and achieve a return to its historic reputation as the fairest, largest and most liquid market in the world accessible by all.
David will take part in the panel Regulation in FX Ahead of MiFID II, held on November 15th. Learn more about the agenda here.
The title of the article gives it away. The whole business model is skewed towards unfairness…and that may explain …the ridiculous dichotomy and juxtaposition of the pressure on market makers to create profits versus creating value for clients. FX is not an asset class for creating alpha whilst this model is in existence.