Is the FX market transparent and fair?
LeapRate Exclusive Interview… The past year has seen its fair share of problems and scandals in both the retail and institutional arms of the FX market. The Swiss Franc spike. Last look abuse. Chat room collusion.
Have we all learned something?
Are things changing (for the better)?
Do we feel more confident about our FX trading today?
LMAX Exchange has set out to gather the views of everyone in the FX trading ecosystem – traders, brokers, asset managers, liquidity providers, banks, institutional investors… – in a fairly wide sweeping survey of where everyone thinks we stand today.
We’re pleased to speak today with David Mercer, CEO of LMAX Exchange – the first FCA regulated MTF for FX – on the survey and a lot more. To take the survey yourself and help influence the future of FX trading click here.
[divide]
LR: Hi David, and thanks for joining us today. We understand that LMAX Exchange is conducting a major survey of FX traders and other FX market participants. Can you let us know a little more about the survey, and why you’re doing it?
David: Following up on our recently published report “Restoring Trust in Global FX Markets”, this survey aims to identify any potential shift over the last six months in the market sentiment around transparency and fairness in FX. Six months is a long time in FX – since the second half of last year, we have witnessed yet more FX scandals and fines (incl. the abuse of ‘last look’), increasing regulatory scrutiny and the launch of multiple industry working groups, tasked with developing the global code of conduct and implementing FEMR recommendations. So there has been a lot of activity, but has anything fundamentally changed?