On 15 July 2021, the Global Foreign Exchange Committee (GFXC) completed its review of the FX Global Code, updating its principles of good practice in the foreign exchange market in several key areas. The GFXC also published templates for industry participants to use in improving disclosures and assisting with transaction cost analysis.

The GFXC is also publishing a guidance paper on pre-hedging that provides further clarity on the appropriate use of this trading practice. The paper discusses the circumstances in which pre-hedging could be used in the FX market and the controls and disclosures that could help align this activity with the Code. A guidance paper on ‘Last Look’ is being finalised for publication in August.