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Screenshot of a breaking news alert e-mail from Q2 2017
Thomson Reuters is revising its FX trading rules, the company said today, following another round of consultations with market participants. This latest news follows up from late March when Reuters made an announcement it wants to combat FX market manipulation, such as price flashing.
Thomson Reuters, along with ICAP-owned EBS is one of the two dominant global currency trading platforms.
“We want to make sure people are using the platform for its intended purposes – genuine commercial interest in trading – and ensure that’s the kind of liquidity we’re getting,” said Phil Weisberg, global head of FX at Thomson Reuters.
After consulting with market participants over the last 12 months, Thomson Reuters is updating its Rule Book, a code of conduct designed to foster higher trading standards.
This will outline new guidelines for fill ratios, minimum quote lives, and tick sizes.
- Fill ratios measure the proportion of client orders that are actually executed.
- Minimum quote life ensures orders are available long enough for potential counter-parties to trad.
- Minimum tick size helps ensure participants place real orders rather than just expressions of interest.