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
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