FX Global Code
The FX Global Code is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and market participants from 20 jurisdictions around the globe, including the Hong Kong Monetary Authority and the Treasury Markets Association (TMA).
The purpose of the Global Code is to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of market participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour.
Statement of Commitment
A standardised "Statement of Commitment" is available by which market participants can demonstrate their recognition of, and commitment to adopting the good practices set forth in the FX Global Code.
For further information on FX Global Code and Statement of Commitment, please visit www.globalfxc.org.
For Global Index of Registers, please visit https://www.globalfxc.org/global_index.htm.
Public Register
The TMA is hosting a public register for market participants in Hong Kong to make their Statement of Commitment public. Not limited to members of the TMA, the public register welcomes Statement of Commitment from all relevant market participants as defined by the FX Global Code in the Hong Kong market. The TMA does not assume responsibility for (a) verifying the accuracy or validity of a market participant’s Statement of Commitment, (b) monitoring adherence to the Code by market participants listed in the register, or (c) verifying whether market participants are within the defined scope of market participants covered by the public register.
Market participants can make a request to the TMA for (i) listing their signed Statement of Commitment (in PDF format) on the public register, (ii) updating their Statement of Commitment on the public register, and (iii) removing their Statement of Commitment from the public register. Market participants should use fxglobalcode@tma.org.hk to make such requests, and the processing time would be around 3 to 5 business days. General enquiry about the public register should also be emailed to fxglobalcode@tma.org.hk.
How frequently should a Market Participant review/renew their Statement?
The nature of an institution's business may change over time. Institutions that register a Statement of Commitment should consider what steps they will take to review their activities for alignment with the FX Global Code's principles. The steps taken should reflect the size and complexity of the institution's FX Market activities, and the nature of its engagement in the FX Market. Whereas some institutions may consider setting a regular schedule for review, others may vary their approach based on how their business changes over time.
It is anticipated that the FX Global Code will be updated from time to time to reflect emerging issues, changes in the FX Market, and feedback from market participants and others. Upon publication of future updates to the FX Global Code, institutions that have committed should consider renewing their Statement having regard to the nature of those updates, as well as the size and complexity of their FX Market activities, and the nature of their engagement in the FX Market. Upon renewing a Statement of Commitment a commitment to an earlier version of the FX Global Code will be removed from the Register.
There are currently 157 statement of commitment (as of 27 October 2023).
