The Foreign Exchange Professionals Association (FXPA) welcomes the release of the Global Code for the wholesale foreign exchange market, which was published yesterday 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.
Statement by President Dudley on the Launch of the Foreign Exchange Global Code:
"The collaborative work among private and public sector participants to develop a single, global code has resulted in an important set of common standards for foreign exchange markets. The FX Global Code can help restore integrity and transparency to these critical markets. I welcome and encourage efforts by the industry to implement and adhere to these principles. I look forward to the Global Foreign Exchange Committee taking up the Global Code and ensuring its relevance going forward."
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.
The FXPA will host a webinar, "How Does the Global Code Apply to Me?", on Wednesday, May 31, at 10am (Eastern) / 3pm (UK) / 10pm (Singapore). Please register at: https://profit-loss.webex.com/profit-loss/onstage/g.php?MTID=ec1050f9dfccf8c5e041fe57d019bf937
The FXPA is a Washington, DC-based organization that represents the collective interests of the full array of professional foreign exchange industry participants. The group was developed to engage key regulators, policymakers, the news media and general public through education, research and advocacy, with the goal of advancing a sound, liquid, transparent, and competitive global currency market.