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

Covid-19 delays progress

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...