Joint Statement on the Publication of the FX Global Code: May 2017

The central bank-sponsored Foreign Exchange Committees from major financial centres signed below welcome and support the publication of the Global Code, which provides a single set of global principles of good practice for the wholesale foreign exchange market (the “FX Market”). The Global Code was approved and endorsed at the Global Foreign Exchange Committee meeting held in London on 24 May 2017. This publication represents the culmination of two years of work, facilitated by the Foreign Exchange Working Group (FXWG) and in partnership with a broad and diverse set of market participants, including the Market Participants Group (MPG) and the Foreign Exchange Committees listed below.

 

These principles, while not rules or regulation, are important to promoting the integrity and effective functioning of the FX Market. As such, the members of the below Foreign Exchange Committees are continuing to evolve their own institutions’ FX practices to be consistent with the principles in the Global Code and will also seek to promote these principles across the industry. Further, we look forward to our continued involvement in the development and adoption of such good practices in the FX Market on a global basis, through our participation in the Global Foreign Exchange Committee, which will be responsible for the ongoing maintenance and evolution of the Global Code.

 

The Committees listed below collaborated in the drafting of the Global Code and this statement.

 

Australian Foreign Exchange Committee

Brazil Foreign Exchange Committee [Comitê Consultivo do Mercado de Câmbio do Brasil]

Canadian Foreign Exchange Committee

China Foreign Exchange Committee

ECB’s Foreign Exchange Contact Group

Hong Kong Treasury Markets Association

London Foreign Exchange Joint Standing Committee

Mexican Foreign Exchange Committee

New York Foreign Exchange Committee

Seoul Foreign Exchange Market Committee

Singapore Foreign Exchange Market Committee

South Africa’s Financial Markets Liaison Group’s Foreign Exchange Sub-committee

Tokyo Foreign Exchange Market Committee