GFXC set to tackle reject codes

Co-vice-chair Neill Penney says group will seek to bring clarity to codes assigned to rejected FX trades

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The Global Foreign Exchange Committee (GFXC) is set to begin work on standardising codes used by liquidity providers to explain why they have rejected a client order.

Banks tend to use their own shorthand identifiers to send to clients when an order has been rejected, resulting in a mishmash of codes being used across the industry.

The Investment Association (IA), a London-based buy-side industry group, has long argued that a lack of uniform reject codes has resulted in asset managers

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