Financial RegulationFX Best Execution PracticesLOOKS LIKE WE ARE CREEPING TOWARD FULL OVERHAUL OF SPOT FX IN EUROPE

January 19, 2021by Joe Conlan0

Despite strong opposition from market participants, the European Commission is continuing to look into regulating spot FX, taking its cue from the work of the Global Foreign Exchange Committee (GFXC). In its final recommendations to the EC on the Market Abuse Regulation (MAR) review report, published on September 23, the European Securities and Markets Authority said further analysis of spot FX regulation was warranted, but it should take into consideration the GFXC’s review, which is very conservative to say the least.

As could be expected, a large majority of respondents expressed a preference against the extension of the scope, only a few respondents were in favour, and a third group of respondents recommended to evaluate the extension at a later point in time, once further experience with respect to the FX Global Code of Conduct (‘the Code’) has been gathered.

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