GFXC aims to promote liquidity, fairness and transparency in foreign exchange markets
New York/London, May 7, 2018: Neill Penney, co-head of Trading at Thomson Reuters, will serve as the London Foreign Exchange Joint Standing Committee’s (FXJSC) private sector representative on the Global Foreign Exchange Committee (GFXC).
The FX Global Code (Code) was launched in May 2017 to promote integrity, fairness, transparency, and effective functioning of the global foreign exchange markets. Alongside the launch of the Code, the GFXC was established to promote and maintain the Code and to facilitate communication between local foreign exchange committees (LFXCs) around the world. Each LFXC appoints two members to the GFXC, one from the private sector and one from the public sector. The Code is gaining rapid adoption within the FX industry with well over 100 market participants now having signed public statements of commitment
“The Code is a breakthrough in conduct reform across the FX industry, aiming to set a universally high bar for behaviour that is applicable in all countries and for all types and sizes of market participant. In light of the importance of the Code, the invitation to join the GFXC is an honour for me personally and, I believe, recognition of Thomson Reuters’ strong and long-standing commitment to facilitating an FX market that is open, fair, and efficient for all of its participants,” said Mr Penney. “I look forward to serving on the committee and working with other members to uphold and promote the principles of the Code.”
Thomson Reuters has played an active role in the development of the Code through its membership of the Market Participants Group and through participation in regional committees, including: the FXJSC, the Federal Reserve Bank of New York Foreign Exchange Committee, the Tokyo Foreign Exchange Market Committee, the Canadian Foreign Exchange Committee, and the Australian Foreign Exchange Committee. Thomson Reuters signed a statement of formal commitment to the Code in November, 2017.
Rohan Churm, acting Chair of the FXJSC said: “I am delighted that Neill has agreed to represent the FXJSC on the committee. The FXJSC is committed to assisting the GFXC in achieving its aim to promote a robust, liquid, open, and appropriately transparent FX market and to fulfil its vital role in maintaining the Code. The success of the GFXC and the Code is due in part to the unique public/private sector partnership the GFXC creates and I look forward to continuing that strong relationship going forward.”
Mr. Penney joined Thomson Reuters in May 2013 and was named co-head of Trading alongside Michael Chin in October 2016.
Thomson Reuters is the largest trading venue in the FX market, facilitating an average of more than $400 billion per day in FX trading across all major currencies for market participants in over 120 countries. More than 20,000 traders from asset managers, banks, corporate treasurers and hedge funds use Thomson Reuters award-winning transactions platforms to trade in the FX market. More on Thomson Reuters FX trading capabilities can be found here.