The Bank for International Settlements released its proposed code of conduct for the foreign exchange trade market late last week, and Thomson Reuters was one of the earliest to respond.
The company said in a statement Thursday (May 26) that it "has publicly pledged its full support for the global code of conduct for FX markets" in response to the Bank for International Settlement's proposals.
"Thomson Reuters welcomes this initiative by BIS and industry members to raise standards of conduct in the FX market and ensure we work collectively to uphold fair and efficient markets," said Phil Weisberg, the firm's global head of FRC Trading, in a statement. "Thomson Reuters operates at the heard of the FX market and we take very seriously our role to set standards by establishing clear rules and increasing transparency across our transaction venues.
"We will help our customers understand their responsibilities under the Global Code and encourage their active engagement in the interest of the wider FX market," the executive continued.
According to the company, Thomson Reuters FX facilitates more than $370 billion in FX trades every day across 120 countries.
Separately, a spokesperson for ACI FMA also expressed support for the proposed code of ethics.
"The ACI Financial Markets Association, the global trade association for wholesale financial market professionals, welcomes the release of Phase One of the BIS Global FX Code of Conduct," the firm stated, adding that it had participated in the development of the code.
ParFX joined in the praise, too. Its CEO, Dan Marcus, said the code of ethics is aligned with industry need and "represents a significant milestone for the FX market."
"This ensures the wider market is actively involved and listened to, instils confidence and ensures that the Code, when completed in 2017, will be representative of the needs, requirements and concerns of the individuals and organizations that play an active role in the global FX market's operation, governance and structure," the executive said, according to Traders Magazine.