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OTF Europe

Tullett Prebon Europe OTF Market Notice 2019.003.TPEOTF TP ICAP statement on Forward FX Trades from 26th March 2019

28/03/2019 11:00:00

TP ICAP Statement on Forward FX Trades from 26 March 2019

We are writing to you to clarify TP ICAP’s forward FX product offering as a result of the ESMA update on MiFIR Data Reporting. From 26th March 2019 a forward FX trade defined as an FX Swap will require the reference data and transaction reporting scenarios to be reported as a single stand-alone financial instrument. Under the pertinent MiFIR definitions, forward FX trades may be traded as either simple forwards (Outright FX Forwards), as packages of cashflows (FX Strategy) or as Single FX Swap Instruments (FX Swaps). TP ICAP venues* will continue to offer forward FX trades as packages of cashflows or FX Strategy, as per the EVIA** definition - A simultaneous and contingent execution of contracts to a minimum of two forward payments which may be in conjunction with one or more spot contracts. We will have the ability to offer FX swap instruments with a single ISIN in the future, but do not plan to offer this instrument from 26th March 2019. We will align our Rulebooks and Ratecards ahead of 26th March to ensure clarity. We believe this decision reflects the financial instruments that are offered on our venues and across the market, serves the best interests of market liquidity and provides certainty of workflows. *TP ICAP UK MTF, ISL OTF, TPE OTF and TPE MTF will offer FX Strategy trades. **


Please visit the Tullett Prebon Europe OTF venue page for more information.

Capitalised terms used in this Market Notice shall have the meaning ascribed to them in the Tullett Prebon Europe OTF Rulebook..

Please direct any questions regarding this Market Notice to:

Tullett Prebon Europe OTF


Tullett Prebon Europe OTF

Tullett Prebon Europe
155 Bishopsgate,
United Kingdom

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OTF OTF Europe