One by one, dealers embrace standardised FX reject codes

Investment Association’s proposed codes finally begin to take hold after Covid setbacks

Progress-on-reject-code-standardisation montage

Dealers are slowly adopting standard practices around codes that inform foreign exchange counterparties of the reasoning behind trade request rejections – so-called reject codes – which help them understand why a trade request has been unsuccessful.

A number of liquidity providers (LPs) – including JP Morgan, State Street and UBS – are starting to use a set of these reject codes proposed by the Investment Association to better inform counterparties about the reasons behind unsuccessful trading

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