Further analysis is required once the review of the FX Global Code of Conduct is finalised before spot FX is included under the market abuse rules, ESMA has said.
The number of STORs reported in 2019 declined 8% from 2018, as the FCA says firms are taking more robust steps to tackle potentially harmful trading activity.
Asset managers have poured cold water on plans to expand MAR to include spot FX due to the impact of the FX Global Code of Conduct.
ESMA has called for greater supervision of STORS under MAR, as number of reports from firms surged 130% in 2017.
Spot FX is currently out of scope of MiFID II and MAR, but ESMA is contemplating bringing the market in scope of the market abuse rules.
LiquidMetrix will employ Dow Jones’ global news to enhance market abuse surveillance services.
Partnership will produce compliance tools that can be integrated into existing platforms.
Suspicious transaction and order reporting has been raised by industry experts as a big issue for firms ahead of MAR implementation.