August 19, 2015

Thomson Reuters Confirms Higher Industry Standards for FX Trading

Final FXall Operational Procedures reflect results of customer consultation and codify rules for the use of provisory liquidity

LONDON - Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today published operational procedures for trading protocols on its FXall platform, following consultation with the industry.

The procedures announced today include the codified Provisory Liquidity protocol announced earlier this year. The protocol enables liquidity consumers and providers to make informed trading decisions based on transparent and measurable criteria.

“The new rules aim to encourage higher standards of behaviour by offering venue rules which are consistently and transparently managed to the highest standard,” said Phil Weisberg, global head of FX, Thomson Reuters. “After a client consultation period, we have finalized a robust set of standards for both our RFQ and Streaming Price trading protocols, where participants trade on a disclosed, relationship basis, as well as our Order Book platform, where participants trade anonymously using either firm or Provisory Liquidity.”

The final procedures announced today include changes based on market feedback including tighter Offer To Deal response times.

The behavioural and platform controls associated with the Provisory Liquidity protocol empower participants to confidently choose liquidity sources that best suit their needs while mitigating the impact of physical distance on execution quality. They also entitle qualified market makers to manage credit and operational risk when making prices and enable intermediaries to offer liquidity to their customers on a riskless-principal basis, thereby enhancing transparency of execution.

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