Maris Research

Shining a light on FX algo disclosures

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Since its inception in 2017, we have been closely monitoring the Global Foreign Exchange Committee and its work on the FX Global Code. 

Despite some criticisms, the industry body tasked with overseeing currency markets covers an important role: promoting greater transparency and supporting market participants in making informed choices. This is especially crucial given the many opaque areas that persist in the FX space, which lacks equivalent standards and regulations to those found in equities or fixed income.  

Throughout the years, we have often taken our cue from the GFXC and scrutinised dozens of public disclosures, looking to shed light on some of the most controversial practices in the market. 

We wrote an in-depth article researching liquidity providers’ stand on last look. In fact, we enjoyed it so much we did it again the following year, after expanding the list of LPs analysed. On both occasions, our findings resulted in more than a few raised eyebrows. 

More recently, we looked at tagging practices on semi-anonymous platforms. Again, the lack of transparency we found in some disclosures raised concerns.  

Last year, we took it upon ourselves to delve into disclosures around FX algorithms, months before we broke the news

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