FCA move brings regulatory risk to use of hold times
Regulator’s adoption of code, and rejection of extra hold times, means those ignoring it risk scrutiny
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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