Published in concert with the 2018 GFXC Survey Results were two reports on Disclosure and Transparency and ‘Cover and Deal’. The first was the output of the Working Group formed in response to industry feedback (particularly around Last Look) to look at areas of improvement in disclosure and transparency, including in relation to anonymous e-trading platforms. The latter report concludes: “Market Participants should be aware of whether, and how, ‘cover and deal’ activity is used to execute trade requests.. Those operating ‘cover and deal’ models are encouraged to review the nature of their current disclosures and maintain an ongoing dialogue with their clients that provides sufficient transparency around their practices.”
