LMAX Exchange is the first to commit to FX Global Code

The change of heart follows reassurance that Principle 17 on pre-hedging will be subject to comment after final release

David Mercer: rethink comes nearly a month after he called the Code a “great PR job”

LMAX Exchange has become the first market participant to pledge to the FX Global Code of Conduct (GCC) by issuing a statement of commitment, despite chief executive David Mercer’s recent criticism that the principles-based initiative does not go far enough on two issues: pre-hedging and last look.

The change in attitude follows reassurance given to Mercer by Guy Debelle, head of the Bank for International Settlements’ FX Working Group (BIS FXWG), and David Puth, head of the Market Participants

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