Neill Penney, co-head of Trading at Thomson Reuters has been invited on the Global Foreign Exchange Committee (GFXC). He will join as a private sector representative of the London Foreign Exchange Joint Standing Committee’s (FXJSC), a forum for the wholesale forex market.
The GFXC established in May 2017 is the forum of central bankers and experts towards the promotion of the Fx Global Code of Conduct. Alongside promoting a fair and transparent market, GFXC facilitates communication between local forex exchange committees around the world. With time, it also aims to update the FX Global Code on a regular basis and to consider practices and mechanisms to support adherence.
The Fx Global conduct code prepared by Bank of International Settlement (BIS) consists of 55 principles of good practices that is a guiding force to ethical behaviour in the forex market. The initiative emphasizes on the growing need for transparency in the forex market execution and governance.
Commenting on his appointment, Mr Penney said: “The Code is a breakthrough in conduct reform across the FX industry, aiming to set a universally high bar for behaviour that is applicable in all countries and for all types and sizes of market participant. In light of the importance of the Code, the invitation to join the GFXC is an honour for me personally and, I believe, recognition of Thomson Reuters’ strong and long-standing commitment to facilitating an FX market that is open, fair, and efficient for all of its participants.”
Rohan Churm, acting Chair of the FXJSC, said on Mr Penney’s appointment: “I am delighted that Neill has agreed to represent the FXJSC on the committee. The FXJSC is committed to assisting the GFXC in achieving its aim to promote a robust, liquid, open, and appropriately transparent FX market and to fulfil its vital role in maintaining the Code. The success of the GFXC and the Code is due in part to the unique public/private sector partnership the GFXC creates and I look forward to continuing that strong relationship going forward.”
Mr Neill Penney tenure in Thomson Reuters started in 2013, joining from Morgan Stanley where he was the Global Head of Foreign Exchange Product Strategy. Prior to this, he has worked in FXall on the similar role from 2001 to 2009.
