The Foreign Exchange Professionals Association (FXPA) welcomes the release of the Global Code for the wholesale foreign exchange market, which was published this morning in London.
The Global Code represents the culmination of two years of work performed under the auspices of the Bank for International Settlements (BIS) and market participants from 16 jurisdictions around the world. The Global Code is a set of global principles of good practice in the FX market to promote the integrity and effective functioning of the wholesale foreign exchange market.
“The FXPA endorses the Global Code and its stated aim to promote a robust, fair, liquid, open and transparent market, which is very much in line with FXPA’s own principles. We recommend that our members demonstrate their commitment to adopting the good practices set forth in the Code,” says Chip Lowry, Chair, FXPA.
“FXPA commends the global coordination and work of the BIS’s Foreign Exchange Working Group in strengthening global standards for those operating in the FX market. We fully support the adoption of its principles,” adds Lowry.
Work on the Global Code began in May 2015 by the FX Working Group (FXWG) within the Markets Committee of the BIS. The effort was led by Guy Debelle, FXWG Chairman and Assistant Governor of the Reserve Bank of Australia, and David Puth, Head of the Market Participants Group (MPG) and CEO of CLS.