Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Thomson Reuters to Champion Higher Industry Standards for FX

Thomson Reuters to Champion Higher Industry Standards for FX Trading

Proposed changes to Spot Matching Trading Rules to encourage behaviours that sustain primary markets

LONDON, NEW YORK, 25 March 2014 – Thomson Reuters today announced the publication of a new proposed Matching Rule Book, applicable to the entire Thomson Reuters Matching community and designed to reflect a higher standard for acceptable trading behaviours in foreign exchange.

Developed in consultation with market participants over the last 12 months, and in response to detailed analysis of trading activity on Thomson Reuters Matching platform, the new updated Rule Book is intended to encourage behaviours that sustain primary markets. These include encouraging genuine interest at top of book, maintaining high certainty of execution and providing a fair and orderly trading experience for all market participants. Similarly, by raising the bar on expected trading behaviour the rules aim to discourage abuse, manipulation or disorderly conduct, as well as behaviours that do not enhance liquidity for the market as a whole.

“As an FCA-regulated trading venue, Thomson Reuters has a responsibility to guard that the trading behaviours and practices on its Matching platform comply with the Market Conduct rules that govern MTFs,” said Phil Weisberg, global head of FX, Thomson Reuters. “Through a combination of platform controls and behavioural rules, the new updated Rule Book will seek to enhance liquidity for all clients trading on Thomson Reuters Matching. The proposed rules are based on feedback from detailed consultations with the market through the past year.”

Thomson Reuters Matching includes platform controls that can influence trading behaviour, including Minimum Quote Life that ensures longevity of orders in the book and gives counterparties a fair chance of trading those orders, and Minimum Tick Size that helps achieve the right balance between tight spreads and stability of prices. The changes also introduce a proposed randomisation of order processing pilot, to be run in a selected currency pair, to randomise execution and further facilitate a more equitable trading environment.

Additionally, Thomson Reuters is proposing a tightly defined set of trading rules that are intended to reduce the use of trading techniques that may lead to violations of Market Conduct Rules and are intended to foster genuine interest to trade and high certainty of execution.

By issuing new rules, Thomson Reuters proposes a proactive, transparent and consistent approach to enforcement, including surveillance and reporting of client trading activity, client notification of activity that unless modified could lead to a breach of the rules and sanctions based on penalties other than the application of fines or removal of firms from the platform.

“We take our responsibility to maintain a fair and orderly trading experience for all Spot Matching market participants very seriously and are adopting a leadership position in defining a higher standard for acceptable trading behaviours in FX,” continued Weisberg. “These proposed changes will benefit our customers by not only providing transparency in acceptable trading behaviours, but also transparency in the intentions behind our Rule Book changes.”

With over 1,100 subscriber organizations, Thomson Reuters Matching is the leading anonymous electronic trade matching system for the professional community offering unbiased access to real time executable prices on 54 spot currency pairs.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Real Estate: Housing Prices Head South In Most Of NZ

Housing became more affordable for first home buyers in many parts of the country including Auckland last month, as falling prices more than offset rising mortgage interest rates. More>>

ALSO:

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:

NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news