FXPA Releases Industry Guidance on the Role and Interpretation of FX Spread Grids
WASHINGTON, DC, June 29, 2026 – The Foreign Exchange Professionals Association (FXPA) today published new industry guidance designed to promote a common understanding of the role and interpretation of spread grids in foreign exchange markets. The paper, FXPA Guidance: The Role and Interpretation of FX Spread Grids, was developed through discussions within FXPA’s Buy Side Working Group and reflects perspectives from market participants across the global FX ecosystem.
Spread grids have long been used by market participants as a reference tool for understanding expected trading costs across currency pairs, tenors, notional sizes and market environments. However, differing interpretations of their purpose and application can sometimes lead to misaligned expectations between liquidity providers and market participants.
The guidance clarifies that spread grids are intended to provide indicative, contextual information regarding expected execution costs under representative market conditions. They are not firm quotes, contractual commitments, service-level agreements, or substitutes for executable price discovery and transaction cost analysis.
In his capacity as Chair of FXPA’s Buy Side Working Group, Richard Turner, Senior Trader at Insight Investment, noted: “Spread grids have been a longstanding feature of the FX market, providing valuable context around expected trading costs and liquidity conditions. However, as execution workflows become increasingly data-driven and sophisticated, it is important that market participants understand both what spread grids can tell us – and what they cannot. This guidance is intended to promote a common understanding of their role as reference tools, helping support more informed execution decisions, more constructive dialogue between counterparties, and stronger execution-quality assessment across the market.”
The paper outlines the appropriate use of spread grids from both liquidity provider and buy side perspectives and highlights common misconceptions regarding their application. It also emphasizes the growing importance of data-driven execution assessment through transaction cost analysis, RFQ histories, and observed execution data.
Key themes addressed in the guidance include:
- The intended purpose of spread grids as contextual reference tools
- Appropriate use cases for liquidity providers and buy side firms
- Common misconceptions regarding spread-grid interpretation
- The impact of market conditions, volatility and liquidity on execution outcomes
- The importance of complementing spread grids with transaction cost analysis and execution data
- Opportunities for greater industry alignment and communication regarding execution expectations
FXPA believes that greater clarity regarding the role of spread grids can help reduce friction in pricing discussions, improve buy side and sell side alignment, and support stronger execution-quality evaluation frameworks across the FX market.
The full guidance paper is available at https://fxpa.org/wp-content/uploads/2026/06/Spread-Grids-Guidance.pdf
About FXPA
The Foreign Exchange Professionals Association (FXPA) is a Washington-based organization that represents the collective interests of institutional FX market participants. Through education, research, and advocacy, FXPA works to promote a sound, liquid, transparent, and competitive global currency market. Learn more at www.fxpa.org.
Media Contact:
Julie Ros
jros@fxpa.org
FXPA Elects 2026 Leadership and Board
Advances Focus on Market Structure, Digital Assets, and Regulatory Engagement
WASHINGTON, DC – February 24, 2026 – The Foreign Exchange Professionals Association (FXPA) announced the results of its annual elections, confirming its 2026 leadership team and Board of Directors. The newly elected officers and directors will guide the association’s strategic priorities as FXPA deepens its engagement with regulators and policymakers while expanding member-driven initiatives across institutional FX market structure, digital assets, and trading technology.
The FXPA membership elected the following officers:
Chair: Joe Hoffman, CEO, Mesirow Currency Management, Mesirow Financial
Vice Chair: Dale Haver, Senior Managing Director, Global Head of FX Sales, State Street Global Markets
Treasurer: Josh Matthews, Head of EBS Market, CME Group
Secretary: Terri Knapp, Managing Director, GlobalLink FX, Global Head of Sell Side Sales
These officers will serve alongside FXPA’s Board of Directors, whose newly elected members with terms running through 2028 include:
- Mike Margolis, VP, Associate General Counsel, Cboe
- Josh Matthews, Head of EBS Market, CME Group
- Stuart Parkins, Managing Director, EMEA Buyside Head of GlobalLink FX Product Sales, GlobalLink
- Richard Turner, Senior Trader, Insight Investment
- Joe Hoffman, CEO, Mesirow Currency Management, Mesirow Financial
- Taylor Haberstock, VP, Global Trader, Morgan Stanley Investment Management
- Dale Haver, Senior Managing Director, State Street Global Markets
They join continuing Board members John Marchese, Head of FX Sales & Partnerships, Portware, and Oleg Shevelenko, FXGO, Head of Pricing & Execution, Bloomberg.
Together, the officers and Board will steer FXPA’s agenda in 2026, building on the association’s role as a trusted industry voice for professional FX market participants.
“In a period of evolving market structure and regulatory change, FXPA remains focused on representing the collective interests of institutional FX participants,” said Joe Hoffman, Chair of FXPA. “Our priorities for 2026 include strengthening dialogue with policymakers, advancing practical guidance for market participants, and expanding working groups to address emerging areas such as digital assets, settlement innovation, and stablecoins.”
FXPA enters 2026 following a year of active engagement across regulatory outreach, member education, and industry collaboration. Looking ahead, the association plans to expand its buy side and digital assets working groups, increase direct engagement with U.S. and international regulators, and continue providing actionable insights on market structure, trading platforms, and operational best practices.
“FXPA’s strength comes from its diverse membership and practitioner-led approach,” said Dale Haver, Vice Chair. “We’re committed to ensuring members have a forum to share perspectives, shape policy discussions, and collaborate on the real issues facing institutional FX markets.”
The FXPA remains dedicated to advancing a sound, liquid, transparent, and competitive global currency market through education, research, and advocacy. Since its founding in 2014, the association has established itself as a respected industry resource for policymakers, market participants, and the media.
– ENDS –
About FXPA
The Foreign Exchange Professionals Association (“FXPA”) is a Washington-based organization that represents the collective interests of professional foreign exchange market participants. The group engages with key regulators and policymakers through education, research, and advocacy, with the goal of advancing a sound, liquid, transparent, and competitive global currency market. Learn more at www.fxpa.org.
Media & Membership Contact:
Julie Ros
jros@fxpa.org
www.fxpa.org
FXPA Releases Industry Guidance on FX Internalisation in Algo Execution
WASHINGTON, DC, July 17, 2025 – The Foreign Exchange Professionals Association (FXPA) published new industry guidance designed to standardize the definitions and use of internalisation in foreign exchange (FX) markets, with a specific focus on algorithmic execution. The paper, FXPA Guidance: Definitions and Best Practices for FX Internalisation in Algo Execution, represents a collaborative effort by members from across the buy side, sell side, trading platforms, and exchanges.
The guidance is the result of months of dialogue within FXPA’s Buy Side Working Group and is aimed at fostering greater transparency, clarity, and execution integrity in the global FX market. By establishing common definitions and best practices, the paper seeks to reduce confusion and potential information asymmetry stemming from inconsistent use of the term “internalisation”.
“Internalisation plays a critical role in today’s FX landscape, but without clear definitions and standards, its application can raise concerns around transparency and execution quality,” said Richard Turner, Senior Trader at Insight Investment and Chair of FXPA’s Buy Side Working Group, who led the development of the paper. “This guidance offers a practical framework that supports market integrity while enabling continued innovation and efficiency in FX trading.”
Key recommendations in the paper include:
- Standardized definitions of two internalisation models (Client-to-Client Neutrality and LP Commercial Flow Offset)
- Clear disclosure requirements around internalisation practices and trading venues
- Best practices around execution and data quality
- Emphasis on client confidentiality and prevention of information leakage
FXPA encourages all market participants to adopt the guidance as a benchmark for transparency and fairness in FX execution. To read the full guidance paper, visit https://fxpa.org/wp-content/uploads/2025/07/FXPA-Guidance-on-FX-Internalisation-July-2025.pdf
###
About FXPA
The Foreign Exchange Professionals Association (FXPA) is a Washington-based organization that represents the collective interests of institutional FX market participants. Through education, research, and advocacy, FXPA works to promote a sound, liquid, transparent, and competitive global currency market. Learn more at www.fxpa.org.
Media Contact: Julie Ros | jros@fxpa.org