GFXC set to tackle reject codes
Co-vice-chair Neill Penney says group will seek to bring clarity to codes assigned to rejected FX trades
The Global Foreign Exchange Committee (GFXC) is set to begin work on standardising codes used by liquidity providers to explain why they have rejected a client order.
Banks tend to use their own shorthand identifiers to send to clients when an order has been rejected, resulting in a mishmash of codes being used across the industry.
The Investment Association (IA), a London-based buy-side industry group, has long argued that a lack of uniform reject codes has resulted in asset managers
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