Considering this initiative as a key step to strengthen the integrity of the Forex market, Saxo Bank undertakes in this process of transparency and publishes a complement of information specific to the group.
Download the free guide
Boost your gains
Saxo Bank, the specialist investment and online trading, has announced the signing of the global Code of Conduct for the Forex (The” FX Global Code of Conduct “), which sets standards of market and promotes good practices among the actors. This Code is the result of an initiative developed during two years with the help of a partnership between the central banks and market players in the Forex of 16 jurisdictions in the world.
The initiative aims to highlight the integrity, reliability, and to reveal the functioning of this market whose image has been tarnished lately by the bad practices of the traders, the security flaws and privacy, and the bad management of conflicts of interest or the execution of orders.
In this context of openness and transparency, Saxo Bank wanted to engage in, publishing a supplementary document gathering key information on the system, gains of the dealer, its stability, the management of leverage and performance.
“As a member of the committee of the Forex of the Bank of England, we are proud to have participated and to have contributed to the implementation of this initiative, unprecedented in our industry “, says Kim Fournais, CEO and co-founder of Saxo Bank.
“To be one of the drivers of this effort of transparency, pleases us and allows us to demonstrate again our alignment with the interests of our clients. Integrity and reliability are at the heart of our values. ”
The Code, which is built around 6 key principles in the ecosystem Forex, ensures that the trading on the forex market must be based on integrity and transparency. By empowering the market actors and by developing a solid structure, the Code will allow to increase the reliability of the Forex market and have a key role in the establishment of trust between its stakeholders and customers.
Kurt vom Scheidt, Head of Forex at Saxo Bank :
The specificity of the Code ? It covers the whole of the Forex industry and its ecosystem, and has an international reach. It allows you to ensure the application of standards at all levels and the restoration of competition based on transparency and integrity. ”
“Saxo Bank has the belief that a foreign exchange market that works properly is in the interests of all its stakeholders. The Code establishes key principles and good practices so that they are common across the industry, including on the subjects that could be controversial in the past. ”
“We have seen, in other markets, attempts similar initiatives of self-regulation, but we have never seen such a level of coordination and commitment. The membership of all parties is essential to ensure that the practices are controlled and that the players who do not comply are identified. ” concludes Kurt Von Scheidt.
The signature of the Code is in line with the actions taken by Saxo Bank to promote transparency in the market. Saxo Bank promotes openness and transparency in the Forex market. In addition, the alignment of interests between clients and suppliers constitute a real opportunity for the group to differentiate itself from other brokers.
In November 2016, Saxo Bank has implemented a new model for the execution of orders for Forex Spot, Forward and CFD, transparent, and based on the liquidity of the market. Saxo has also taken the initiative to make public and understandable, its order execution policy to describe in detail the process of the clients.
Find the overall code of good conduct in the foreign exchange market in French on the website of the Bank of France.
Download the free guide
Boost your gains
