European Union, United Kingdom November 29 2021 The FCA has confirmed its recognition of the updated FX Global Code and the Global Precious Metals Code. In doing so, the FCA noted that "behaviour that is in line with an FCA recognised code will tend to indicate a person subject to the SM&CR is meeting their obligation to observe ‘proper standards of market conduct’..." and, in relation to this, went on to make the statements quoted below in relation to 'last look' and 'pre-hedging' practices.