FCA move brings regulatory risk to use of hold times

FCA mulls legal powers for USD Libor holdouts

Natasha Rega-Jones
25 Nov 2021

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Individuals at foreign exchange liquidity providers (LPs) who continue to implement additional hold times in their last look checks could risk regulatory investigations from the UK Financial Conduct Authority, following the regulator’s confirmation of its views on the topic last week.

On November 11, the FCA formally recognised the updated version of the FX Global Code, and specifically stated that the use of additional hold times in last look checks are not permitted under the Code. This

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