17 August 2017
Find out more

Central bank Governors welcome global code of conduct for currency markets

25 May 2017  |  3631 views  |  0 Source: Bank for International Settlements

The Governors of the Global Economy Meeting welcome the publication of the FX Global Code, a single global code for the wholesale foreign exchange market, as well as the establishment of the Global Foreign Exchange Committee to maintain the Code in the future.

This represents the culmination of a two-year collaborative initiative between central banks and private sector market participants from across the globe. The Code is voluntary and covers important areas including ethics, governance, execution, information-sharing, risk management and compliance as well as confirmation and settlement.1

"The FX Global Code sets good practices for market participants to follow and will support a robust, fair and transparent market, underpinned by high ethical standards," said GEM Chair Agustín Carstens, Governor of the Bank of Mexico.

Central banks are strongly committed to supporting and promoting adherence to the Code. They confirm that they intend to adhere to the principles of the Code, and will expect the same of their regular FX counterparties, except where this would inhibit the discharge of their policy functions. Additionally, members of central bank sponsored foreign exchange committees will be expected to adhere to the Code.

Governors encourage market participants to evolve their practices to be consistent with the principles of the Code and to demonstrate their commitment by using the Statement of Commitment that was also published today. They also encourage the private sector, including associations and infrastructure providers, to raise awareness of the Code and to develop and establish mechanisms to support its adoption.

1 The Code does not impose legal or regulatory obligations on market participants or substitute for regulation, but rather is intended to supplement local laws, rules and regulation by identifying global good practices and processes.

Read the full document:» Download the document now 2.3 mb (Chrome HTML Document)

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.worldpaymentsreport.comvisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10039 views comments | 8 tweets | 16 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
10019 views comments | 13 tweets | 11 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8343 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7789 views 0 | 1 tweets | 9 linkedin
PayPal buys Swift Financial to boost working capital bizPayPal buys Swift Financial to boost worki...
7735 views comments | 13 tweets | 7 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job