FXC releases prime brokerage guidelines
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
With growing activity and evolution of the market, the FXC, an industry body sponsored by the Federal Reserve Bank of New York, released recommendations covering credit, operational and reputational risks associated with prime brokerage. The recommendations represent best practices already implemented in varying degrees by the FXC member institutions. The recommendations are as follows:
• No trade should be finalised without confirming sufficient availability under the give-up line.
• Prime
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