FXPA Clarifies FX Spread Grids Are Reference Tools, Not Pricing Commitments

According to the Foreign Exchange Professionals Association (FXPA), the organization published guidance clarifying that foreign exchange spread grids should be interpreted as indicative reference tools rather than firm pricing commitments or measures of execution quality. The paper, developed by FXPA's Buy Side Working Group, emphasizes that spread grids are designed to provide contextual pricing information and should complement—not replace—transaction cost analysis and observed trading data when evaluating liquidity providers. The guidance reflects growing institutional reliance on empirical execution data rather than static pricing schedules to assess FX market liquidity and performance.
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