Equiti Capital, the UK subsidiary of Equiti Group, announced on Tuesday that it had signed the Statement of Agreement to the FX Global Code of Conduct. It will ensure that the company will follow specific standards of good practices while operating in the wholesale FX market.
Equiti Capital Signs FX Global Code of Conduct
"Signing the FX Global Code of Conduct supports Equiti's client-focused approach to liquidity provision in the FX market. The Code provides a framework to evaluate execution choices and helps clients know what to expect from counterparties and liquidity providers, a principle fully supported by Equiti," said Benedict Sears, the Head of Equiti's FX Agency Desk and Group Head of FX and PM Liquidity.
The BIS Foreign Exchange Working Group first published the FX Global Code of Conduct on 25 May 2017. It aims to provide a standard set of guidelines to promote the integrity and effective functioning of the wholesale FX market.
Equiti Capital has joined the likes of central banks and other major FX market participants, like banks, buy-side market participants, and non-bank liquidity providers, to follow the FX Global Code of Conduct.
The company highlighted that its decision to adhere to the principles of the Code was pushed by the size and complexity of its activities and the nature of its engagement in the FX market.
"We encourage more trading counterparties and market participants to adopt the Code to contribute to a robust global financial market," Sears said. "Operating within a strong governance framework, working with regulators, and applying global best practices have always been – and will continue to be – a key part of Equiti's business model."
Check out the FMLS22 interview with Equiti's CEO, Iskandar Najjar.
A Growing Broker
Meanwhile, Equiti strengthened its European operations by obtaining a Cyprus Investment Firm (CIF) license last year. On top of that, it opened a new local office in Cyprus that was established as a part of its 'global growth strategy'. It now operates ten offices in Europe, the UK, the Middle East, the Americas, Africa, and the Asia Pacific.
Furthermore, the FCA-regulated arm of the Equiti Group doubled its profits to $3.7 million in 2021, only a year after the figure had already tripled. It generated a profit of $32.53 million that year, which is a jump of 5 percent.
