As a result, it appears some market participants are being very conservative in sharing information, which can have implications for the effective functioning of the market.
This is notwithstanding the guidance provided in this area in the Global Preamble put out by the global Foreign Exchange Committee, in March 2015.3 The Global Code takes the material in the Global Preamble and fleshes it out a bit more, including with some examples of what is, and isn’t, appropriate communication, and why.