Kim Fournais, Saxo Bank
Copenhagen - Saxo Bank, the online trading and investment specialist, signs up to the FX Global Code of Conduct , which is aimed at improving industry standards and promoting best practice among FX market participants. The Code is a result of an industry-wide initiative developed over two years through a partnership between central banks and FX market participants from 16 jurisdictions around the world.
The initiative aims to promote the integrity, trust and effective functioning of the global wholesale FX market which has suffered as a result of, but not limited to, trader misconduct, breaches of client confidentiality, failure to manage conflicts of interest and inappropriate order handling.
Kim Fournais, CEO and co-founder of Saxo Bank, said: "We are proud to have been given the opportunity to participate as a member of the Bank of England's FX Joint Standing Committee in reviewing and drafting this important and unprecedented industry-wide initiative."
"We take pride in being at the forefront driving transparency and signing the Code as well as publishing the Enhanced Disclosure as a proof of the full alignment of interest between Saxo Bank and our clients. It is a means of promoting integrity and trust and is a point of orientation for clients when choosing a facilitator."
The Code, which has been developed around six core principles crucial to the FX ecosystem, will ensure that trading of FX instruments is supported by appropriate elements of integrity and transparency. Furthermore, by placing proportionate levels of responsibility among market participants and providing a robust structure for future review and collaboration, the Code will engender greater confidence in the FX market and be crucial to re-building the trust between market participants and end clients.