IA urges banks to accelerate sluggish progress on FX reject code reform

Covid-19 delays progress

Mike Sheen
clock • 1 min read

The Investment Association (IA) has urged banks and liquidity providers to standardise ‘reject codes’ in the FX market by the third quarter of 2021, ahead of full implementation next year, with the coronavirus pandemic having stalled progress on reform.

Proposals for 13 new high-level reject code categories were introduced by providers in February 2020, with the expectation that progress would be made by end of last year, but the IA said in a statement on Wednesday (18 August) Covid-linked delays have been exacerbated by "a reluctance on the part of many banks to fully get the process going". The future of money: CBDCs and crypto in perfect harmony FX trades can be rejected by banks and liquidity providers for a plethora of reasons and there is currently little to no uniformity in how these rejections are reported to investors. ...

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