Thomson Reuters Revises Rule Book for Currency-Trading Platform
Thomson Reuters Corp. said it is revising the trading rules for its foreign-exchange platform after consulting with market participants.
The company is updating its Rule Book following discussions over the past 12 months and will outline new guidelines for fill ratios, minimum quote lives and tick sizes, according to a report carried by its Reuters news agency division.
“We want to make sure people are using the platform for its intended purposes – genuine commercial interest in trading – and ensure that’s the kind of liquidity we’re getting,” Phil Weisberg, global foreign-exchange head for Thomson Reuters, was quoted by Reuters as saying.
Regulators are investigating allegations that traders in the $5.3 trillion-a-day currency market colluded to rig the WM/Reuters rates, which are collected and distributed by Thomson Reuters and World Markets Co., a unit of Boston-based State Street Corp. The probes come as trading losses in 2014 put top foreign-exchange funds on track for their worst-ever annual performance, according to Parker Global Strategies LLC data.
ForexSQ News reported this month that U.S. prosecutors have broadened their probe into currency dealing by targeting the mark-ups the world’s biggest banks may impose on some customers. No companies or traders have been accused of wrongdoing by government authorities.
ForexSQ LP, the parent company of ForexSQ News, competes with Thomson Reuters in providing news and information as well as currency-trading systems.