Insights from Global FX Trading Quorum, London (remote participation ex-London), 2 December 2025

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Summary 

• The final IOSCO report on pre-hedging reinforces existing conduct principles but leaves key implementation questions open.
• FX firms are increasingly focused on counterparty performance and execution quality, beyond simple spread metrics.
• Data standardisation and automation are emerging as critical enablers of transparency and trust.
• Industry-led collaboration is likely to shape next-generation FX market practice.

Conclusion

The session concluded with consensus that trust, transparency, and standardisation will be the defining features of next-generation FX market structure - driven less by regulation, and more by collective industry action.

The session closed with a reminder that Quorum 15 is uniquely positioned to bring industry and regulators together under neutral conditions - not to lobby, but to create shared understanding across Europe’s fragmented equity landscape.