- 1FX Market: The wholesale foreign exchange market ↩︎
- 2Footnote: The foreign exchange committees (FXCs) and central banks may continue to issue local standards where necessary to meet the specific circumstances of their markets. ↩︎
- 3Applicable Law: With respect to a Market Participant, the laws, rules, and regulations applicable to it and the FX Market in each jurisdiction in which it does business ↩︎
- 4FX Market: The wholesale foreign exchange market ↩︎
- 5FX E-Trading Platform: Any system that allows Market Participants to execute trades electronically in the FX Market ↩︎
- 6Footnote: The term Market Participant is generally used to refer to both firms and personnel, per the definition. However, in some cases it will be clear that a principle is by its nature more relevant to only one or the other. For example, certain principles deal primarily with business or firm-level policies and procedures rather than individual behaviours. The terms “firm” and “personnel” are occasionally used where principles focus on good practice by firms with regard to personnel in their capacity as such, and vice versa. ↩︎
- 7Applicable Law: With respect to a Market Participant, the laws, rules, and regulations applicable to it and the FX Market in each jurisdiction in which it does business ↩︎
- 8Transaction Cost Analysis (TCA): Analysis to evaluate the quality of trade execution – for example, by comparing the resultant price of an execution against a benchmark ↩︎
Foreword (PRO)
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