On 11 May 2021, the Global Foreign Exchange Committee (GFXC) announced that it was seeking industry feedback on draft guidance papers for the usage of ‘pre-hedging’ and ‘last look’ within foreign exchange markets. When finalised the guidance papers will not be part of the FX Global Code but should instead be read alongside it. The guidance papers outline the expectations that market participants should have in regard to the usage of pre-hedging and last look, as well as the controls and disclosures that could help align practices with the Code. The deadline for feedback on the draft guidance papers is 31 May 2021.

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