Strengthening Principles & Code of Conduct Standards in FX Markets
FX Global Code of Conduct
Published in 2017, The FX Global Code is a set of global principles of good practice in the foreign exchange market for all FX Market Participants.
The Global Code for the FX Market
The Foreign Exchange Working Group (FXWG) have now completed their mandate to develop a single set of global principles of good practice for the wholesale FX market as the final FX Global Code of Conduct has now been published!
Published in 2017, The FX Global Code has been developed to provide a set of common guidelines to help promote effective functioning and integrity within the wholesale foreign exchange market (the FX Market).
Whilst the FX Global Code does not impose legal or regulatory obligations on FX Market Participants, it does however serve to supplement any and all local laws, rules and regulation by identifying and specifying global good practices and processes.
The guidelines within The FX Global Code aim to encourage an appropriately transparent FX Market that is robust, fair, liquid and open. It is the aim that all FX Market Participants, whilst diverse, should be supported by resilient infrastructure and be confident to effectively transact at competitive prices which mirror available market information and do so in a manner that conforms to globally acceptable standards of behaviour.
The Code also helps tackle more complex issues such as electronic trading, algorithmic trading and prime brokerage.
Upon the launch of the FX Global Code, the Global Foreign Exchange Committee (GFXC) was formed to help promote and maintain the Code. One of the main objectives of the GFXC is to ensure the guidance and good practices set out in the FX Global Code remain relevant.