Buy side seeks more clarity on FX trade rejects

Schroders and BoE criticise code mish-mash, as Investment Association presses for standardisation

FX Week montage

Foreign exchange dealers may not be properly explaining themselves when declining to accept a client order, according to a Bank of England official.

Minutes from the central bank’s Foreign Exchange Joint Standing Committee meeting on May 9 – first published this week – show James O’Connor, head of the BoE’s forex and money market desk, observing the current mish-mash of communications may not be useful to clients.

“The information provided may not in some cases be particularly informative,”