Given a groundswell of support from industry peers, NEX Group plc, (NXG.L), the operator of NEX Markets, one of the prominent FX trading venues, has signed a statement of commitment to the FX Global Code of Conduct.
Through its EBS FX trading platforms and NEX Optimisation services, the company joins a number of early adopters who have pledged to adhere to the code’s principles, that are expected to reform conduct and behaviour in foreign exchange and develop a renewed sense of trust in this important sector.
With the adherence function still being finalised by the creators of the code, NEX has also introduced a new NEX public register, a move that represents a public show of support, as well as suggesting a method of adherence for its members.
During the Global Foreign Exchange Committee meeting held at the NEX offices in London, the company noted the purpose of the register is “to raise awareness of those that have signed their Statement of Commitment to the Code.”
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The FX Global Code, which was prepared by the Bank of International Settlements (BIS), consists of 55 principles of good practises that will function as a guide to ethical behaviour 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.
Nex’s declaration follows on the heels of the participation of NEX Markets’ management team who were closely engaged in assisting in the feedback and review process on the various FX committees on which they sit.
Seth Johnson, CEO of NEX Markets, commented: “The Code has already had a significant impact on the FX industry, with market participants quickly demonstrating support for its guidelines. As a leading electronic marketplace for the FX trading community, we take seriously our role in adhering to the principles built into the Code and hope that the NEX public register will generate further recognition of the support coming from the market.”