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Strengthening Principles & Code of Conduct Standards in FX Markets

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Background: Global FX Code

The FX Global Code - strengthening principles and code of conduct standards in foreign exchange markets.

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!

Establishing the FX Global Code:

Back in 2015, the FXWG were mandated to establish a global code for the foreign exchange market - one code to be applicable globally for all FX market participants.

Developing the Global FX Code took about two years, with an initial phase 1 document published in May 2016 that covered some content on ethics, execution, information sharing and confirmation and settlement principles. Another year later the finalised completed code was published in May 2017 which covered additional areas and topics such as:

The aims of the guidelines within The FX Global Code were 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 FX Global Code contains 55 principles and covers areas such as Ethics, Transparency, Governance,  and Information sharing.

The Code also helps tackle more complex issues such as electronic trading, algorithmic trading and prime brokerage.

The publication of the final Global Code in May 2017 marked the completion of the FXWG's mandate.   

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THE FX GLOBAL CODE: A GLOBAL SET OF PRINCIPLES FOR BEST PRACTICE IN THE WHOLESALE FX MARKET

“The Global Code should serve as an essential reference for Market Participants when conducting business in the wholesale FX Markets and when developing and reviewing internal procedures”

Phase 1: Material for Global FX Code May 2016, FXWG