Thomson Reuters is to publish a new proposed Matching Rule Book, applicable to the entire Thomson Reuters Matching community and designed to reflect a higher standard for acceptable trading behaviours in foreign exchange (FX).
Developed in consultation with market participants over the last 12 months, and in response to detailed analysis of trading activity on Thomson Reuters Matching platform, the new updated Rule Book is intended to encourage behaviours that sustain primary markets.
These include encouraging genuine interest at top of book, maintaining high certainty of execution and providing a fair and orderly trading experience for all market participants. Similarly, by raising the bar on expected trading behaviour the rules aim to discourage abuse, manipulation or disorderly conduct, as well as behaviours that do not enhance liquidity for the market as a whole.
“As a Financial Conduct Authority [FCA]-regulated trading venue, Thomson Reuters has a responsibility to guard that the trading behaviours and practices on its Matching platform comply with the market conduct rules that govern MTFs,” said Phil Weisberg, global head of FX, Thomson Reuters.
“Through a combination of platform controls and behavioural rules, the new updated Rule Book will seek to enhance liquidity for all clients trading on Thomson Reuters Matching. The proposed rules are based on feedback from detailed consultations with the market through the past year.”
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