September 1, 2022 – On August 15th, 360T announced that from October 1st, 2022, only signatories to the latest version of the FX Global Code of Conduct or market makers offering firm liquidity will be able to make prices anonymously on its ECN, 360TGTX.
This will apply across anonymous Spot and NDF trading, for both Full Amount and Sweepable liquidity. The new rule will not apply to disclosed or semi-disclosed trading, where counterparties are known to each other and have a relationship and the opportunity to engage in a dialogue around how they want to interact.
The FX Global Code is a set of global principles outlining best practices in the FX market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market.
The purpose of the Global Code is to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of market participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour.
The Code was initially published May 2017 but was updated in July 2021 to incorporate further input and feedback from the FX industry globally. 360T signed the Statement of Commitment to the Code after it was initially published and reaffirmed this commitment following the latest update.
“We have made this decision because we believe that it will further enhance the 360TGTX trading ecosystem and provide a better experience for all users of the platform.” says Simon Jones, Chief Growth Officer at 360T.
He added: “Market Makers in particular can be confident that they will be operating in an environment which is consistent with the agreed upon industry best practices and Market Takers will get the benefit of that confidence.”
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