DMALINK has is expanding its global code of conduct LP member-base following a successful beta run in 2022, the the EM-focused institutional FX ECN announced.
The firm decided to adhere to the code after a trial run with select counterparties. The build-out of code-adhering market makers will be segmented into categories based on currencies and regions to match with client demand.
DMALINK provides a data-centric ECN for professional Foreign Exchange traders streaming anonymous and bilateral, proactively tailored, and sustainable pricing with a particular focus on Emerging Markets, Scandie crosses, and CE3.
The company mostly caters to banks, funds, corporates, and proprietary trading firms, with a specific demand for sustainable liquidity access across non-G-7 pairs.
“Metrics such as quote-to-order ratio is crucial to sophisticated clients”
Michael Siwek, Founding Partner and Global Head of Sales at DMALINK, said: “Although currently voluntary, the code is a step in the right direction to benefit all market participants. Metrics such as quote-to-order ratio is crucial to sophisticated clients.”
Manu Choudhary, CEO at DMALINK, added: “We are thrilled to officially launch the global code of conduct streams across our London and New York trading hubs. We are always working to improve the liquidity provision for all platform participants and over the next twelve months, we plan to broaden the parameters used to establish prudent liquidity utilisation.”
Ashwind Soonarane, COO of DMALINK, commented: “The aim is to work with clients and market makers alike hosting regular workshops to jointly form a benchmark of healthy and sustainable eFX execution practices, which we hope will shape the future of potential enhanced regulation.”
The firm has recently published a statement of commitment on the CLS register in October 2022 to cement its belief in the global code of conduct. The statement is transcribed below:
“DMA LINK LIMITED has reviewed the content of the FX Global Code (“Code”) and acknowledges that the Code represents a set of principles generally recognised as good practice in the wholesale foreign exchange market (“FX Market”). The Institution confirms that it acts as a
Market Participant as defined by the Code, and is committed to conducting its FX Market activities (“Activities”) in a manner consistent with the principles of the Code.
“To this end, the Institution has taken appropriate steps, based on the size and complexity of its Activities, and the nature of its engagement in the FX Market, to align its Activities with the principles of the Code.”