ATFX Connect adopts Global FX Code for its Spot FX and Precious Metals offering

Rick Steves

“ATFX Connect supports institutional clients by providing Direct Market access to tailored liquidity and connectivity solutions in Spot FX and Precious Metals. With this important step, ATFX Connect continues its expansion within the institutional electronic FX offering.”

ATFX Connect, the trading name of AT Global Markets (UK) Ltd based in London, regulated by the Financial Conduct Authority (FCA) and part of ATFX Group, has signed a statement of commitment to the Global FX Code of Conduct.

By adopting the FX code, the institutional arm of ATFX Group, formally joined the Code’s standards to promote integrity, fairness, transparency, and the effective functioning of the global foreign exchange markets.

FX Global Code promotes integrity of the wholesale FX market

The FX Global Code of Conduct sets out principles of good practice in the wholesale foreign exchange market. The purpose of the 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, can confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behavior.

The Code of Conduct has been adopted by several central banks, including the Bank of England, as well as other major players in the FX markets such as the banks, buy-side market participants, and non-bank liquidity providers.

Developed by a partnership between central banks and Market Participants from 20 jurisdictions around the globe, the FX Global Code provides a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market.

ATFX Connect for DMA to tailored liquidity and connectivity in Spot FX and Precious Metals

Wei Qiang Zhang, Managing Director of ATFX Connect, commented: “ATFX Connect supports institutional clients by providing Direct Market access to tailored liquidity and connectivity solutions in Spot FX and Precious Metals. With this important step, ATFX Connect continues its expansion within the institutional electronic FX offering.”

Back in 2019, ATFX group stepped into the Institutional business with the launch of its Multi-Access platform ATFX Connect. The management’s vision was to expand the broker’s global presence and continue to provide award-winning liquidity and customer service to clients within the Institutional community.

With the focus on the professional Investor, the ATFX Connect platform is designed to provide an efficient automated trading venue that delivers tailored T1 bank and non-bank liquidity solutions to Hedge Funds, Asset Managers, Brokers, Private Banks, and other financial institutions.

EBS disables LPs unless they have signed up to FX Code

The adoption of FX Global Code of Conduct has risen to the point of no return. Earlier this year, EBS, CME Group’s FX trading technology provider, updated its liquidity provider eligibility criteria for EBS Direct – its relationship-based quote-driven market – to help accelerate the industry shift towards full compliance with the FX Global Code.

In a milestone move for the FX industry, EBS will disable liquidity providers from all EBS Direct liquidity pools by default unless they have signed up to the FX Code. EBS Direct clients will be able to maintain relationships with non-compliant liquidity providers if they choose to, but they must proactively opt to do so.

EBS Direct has also updated its dealing policy to reduce its “last look” thresholds from 200 to 30 milliseconds. A recent review of trading on EBS Direct revealed that average last look hold times in 2022 were just 12 milliseconds and 96% of volumes were with liquidity providers that have stated their adherence to the FX Global Code.

EBS Direct is also enhancing its transaction cost analysis (TCA) tools, including metrics to monitor flow quality, such as whether a counterparty is co-located with the exchange, and median, 90%, and 99% last look hold times.

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