DMALINK, a provider of institutional FX trading services, announced on Monday the expansion of its global code of conduct order matching feature targeted at eFX market makers . The move follows a successful beta test of the service carried out in the first part of 2022.
The decision to comply with the code has been confirmed by selected counterparties, that took part in the trial run. Although the code is currently only voluntary, Michael Siwek, the Founding Partner and Global Head of Sales at DMALINK, thinks "it is a step in the right direction" and can guarantee additional benefits, including the implementation of such important metrics as a quote-to-order ratio.
In an effort to match the demand of institutional clients, the build-out of code-adhering market makers distinguishes categories based on regions and currencies.
"We are thrilled to officially launch the global code of conduct streams across our London and New York trading hubs. We are always working to improve the liquidity provision for all platform participants, and over the next twelve months, we plan to broaden the parameters used to establish prudent liquidity utilization," Manu Choudhary, the CEO at DMALINK, said.
According to Ashwind Soonarane, the COO of DMALINK, the code of conduct will allow market makers and clients to work together and form a benchmark of sustainable eFX execution practices.
DMALINK Strengthens eFX Presence
The EM-focused institutional FX ECN has tried to strengthen its presence in the eFX in recent months. In September, DMALINK enhanced its emerging and developer markets currency presence, onboarding Crédit Agricole CIB to its FX platform.
Due to the newest partnership, Crédit Agricole CIB can guarantee its clients custom eFX pricing. The move was driven. by a surge in the buy-side demand.
In February 2022, DMALINK strengthened its advisory team by appointing Greg Myes and Thomas Soede.
They are responsible for building the company’s foreign exchange and digital assets footrprint.
