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Forex Encyclopedia Foreign Exchange Global Code of Conduct (VII)

Principle 11 Only if operating as a prime broker, f cashback forexexrebateindonesia participants cashbackinforex pre-hedge customer orders Forex rebate king should do so in a fair and transparent manner when conducting related operations Pre-hedging is the management of the risk associated with one or more anticipated customer orders and is intended to benefit the customer with respect to such orders and any related transactions market participants may undertake for such purposes In assessing whether pre-hedging is consistent with the above principles, market participants should consider current market conditions (e.g., liquidity) as well as the size and nature of the transactions in which they are involved. In considering whether pre-hedging is consistent with the above principles, pre-hedging of individual trades should be considered in the context of the portfolio of trading activities and the overall risk to the market participant when operating as an agent, market participants should not pre-hedge the risk of the market participant. See Annex 1 for a series of programmatic examples of pre-hedging Principle 12 Market participants should not request trades, create orders, or provide Forexrebateking for the purpose of disrupting the functioning of the market or impeding the price discovery process Market participants should not deploy trading strategies or quotes for the purpose of impeding the functioning of the market or affecting the integrity of the market These strategies include those that may result in undue delays, manual quote changes, or other market participant trading Such strategies also include collusion and manipulation, including but not limited to traders trading with the intent to cancel prior to execution (sometimes referred to as front-running, scintillation, or layering), and other actions that create the illusion of market quotes, depth, or liquidity (sometimes referred to as quote stuffing or wash trading) Market participants should, when providing quotes Quotes provided for reference purposes should be clearly marked with such markings Market participants should give due consideration to market conditions and the potential impact of their trades and orders Transactions should be executed at quotes or rates based on market conditions at the time of the transaction In addition, for example, historical quotes Swap rates should comply with internal compliance policies In the absence of restrictions, when there is reason to believe that the intent of the transaction is to disrupt Market participants handling customer orders may refuse to trade when there is reason to believe that the intent is to disrupt or impede the functioning of the market Market participants should progressively increase their requirements as appropriate Principle 13 Market participants should understand that reference quotes (including highs and lows) are created in relation to their trades and orders This understanding should be supported by appropriate communication between the parties and may include disclosure If third-party quotes are the source of the creation of reference quotes, both parties should understand how the quotes are determined and where the third-party quotes are used to create the reference quotes How the method is determined and what contingency arrangements are in place in the event that third-party quotes are not available Principle 14 Market participants operating as prime brokers should apply a fair and reasonable markup to customer trades The markup is a spread or fee that may be included in the final trade quote and is a reward for some consideration by the market participant, which may include risk taking, fees incurred, and services provided for a particular trade Market participants should promote transparency by documenting and publishing information about their foreign exchange operations, including: making clear to customers that their final trade quotes may include a markup; informing customers that different customers may receive different quotes for the same or similar transactions; helping customers understand decisions about markups, such as by indicating the factors that may lead to a markup (including those associated with certain transactions, as well as those associated with the broader customer relationship and any These policies and processes should include, at a minimum: quotes provided to customers should be fair and reasonable, taking into account applicable market conditions and internal risk management practices and policies Employees shall determine markups in an honest, fair and professional manner, including not misrepresenting any markup factors to customers Market participants shall deploy processes to monitor markup practices for compliance with policies and processes and disclose information to customers Markups shall be subject to oversight by market participants
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