The survey is intended to help the GFXC in determining effective mechanisms for encouraging compliance with the Code. The GFXC will consider the survey results at its next meeting, which will take place from November 29 to November 30, 2018.
In addition, the GFXC provided updates on current initiatives:
The "Cover and Deal" trading activity working group is drafting a summary highlighting how the Code may apply its good practice recommendations in the context of cover and deal arrangements.
The Disclosures working group is drafting questions to be used as a reference tool by market participants in developing, receiving or reviewing disclosures.
The European Central Bank is leading a buy-side outreach working group seeking to expand awareness of the Code.
The "Embedding the Code" working group, led by the Bank of England, intends to use the survey results to continue efforts to promote the "embedding and integration" of the Code in foreign exchange markets.
Federal Reserve Bank of New York Executive Vice President Simon Potter urged all foreign exchange market participants to adopt the FX Global Code.
The Global Foreign Exchange Committee updated the FX Global Code and highlighted developments since its launch.
In response to industry feedback, the Global Foreign Exchange Committee will revise the treatment of "last look" trading practices.
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