Thomson Reuters Proposes FXall Upgrade to Raise Industry Standards

The proposals announced by Thomson Reuters aim to achieve "optimal conditions through a combination of objective and measurable behavioural criteria and platform controls."

As well as offering the use of "last look" liquidity, the Provisory Liquidity protocol is designed to allow for trading decisions based on transparent and measurable criteria, mitigating the impact of physical distance on execution quality.

"Thomson Reuters is committed to ensuring a confident and effective trading experience for all market participants on all the platforms we operate, while still offering the choice clients need to meet specific trading requirements," says Phil Weisberg, global head of FX at Thomson Reuters. "Following the new matching rules we set last year that encouraged high standards of behaviour in primary markets, the updated FXall operational procedures define the same rigorous standards for both our RFQ and Streaming Price trading protocols, where participants transact on a disclosed, relationship basis, as well as our order book platform, where participants trade anonymously using either firm or Provisory Liquidity."