Let's Make FX the Byword for Fairness

Ahead of its London Summit this November, Finance Magnates has conducted a series of interviews with its upcoming speakers to help provide a glimpse into the marquee event. In this first installment, David Woolcock, the Director of Business Consulting at Eurobase Banking Solutions, provides his insight and perspective into the event, as well as the market itself moving forward.

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1. What is your position and what does your role entail?

As Chair of the Committee for Professionalism I am responsible for the Model Code a comprehensive guide to best practice, ethics and practical guidelines. It is the most comprehensive and widely used international code covering a broad range of conduct issues, from the detailed processes of the back office right through to the up-to-date functions of the electronic platforms utilised by the front office.

The biggest challenge is in adapting to the new world order and democratising the FX market

2. What was the single most important event or development that the market saw in 2016?

Managing the decline in volumes while preparing for a tighter regulatory standard for many market participants.

3. What are the biggest challenges that the FX trading community is facing? How do they affect your field?

The biggest challenge is in adapting to the new world order and democratising the FX market for a broader range of participants adopting multi-faceted roles.

4. What is the main message you’d like to convey to London Summit delegates?

Let’s work together to restore trust and confidence in the FX market making it the byword for fairness and transparency and achieve a return to its historic reputation as the fairest, largest and most liquid market in the world accessible by all.

David will take part in the panel Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term in FX Ahead of MiFID II MiFID II MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina Read this Term, held on November 15th. Learn more about the agenda here.