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Strengthening Principles & Code of Conduct Standards in FX Markets

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BIS Assessment of the Code

The Markets Committee of the Bank for International Settlements (BIS) publishes findings on an assessment of the FX Global Code  with written recommendations.

"For the Code to be successful, it is vital that market participants from all segments recognise that adherence to the Code is an implicit part of their participation in the global FX market."

Markets Committee, BIS

Jan 2020

On Thursday, (30 January 2020) the Market Committee of the Bank for International Settlements (BIS) published an assessment of the FX Global Code that called for more participants within the FX market, particularly those at buy-side firms, to adopt it.

The FX Global Code was launched in 2017 and provides a standardised code of good market practices for those involved in the global foreign exchange market.

Whilst the Markets Committee said that “a significant and growing number of market participants have posted Statements of Commitment to the Code”, it was noted that adoption of the Code has “lagged for come important market sectors”. These sectors included large buy-side participants such as Asset Management firms.

Therefore, the Committee has called for a wider adoption of the Global Code of Conduct for FX Markets stating

"For the Code to be successful, it is vital that market participants from all segments recognise that adherence to the Code is an implicit part of their participation in the global FX market."

The Chair of the Market Committee wrote an open letter to the Chair of the GFXC that summarised the key findings of BIS’s assessment of the Code’s effectiveness and laid out recommendations of additional ways in which adoption of the code by all might be encouraged.

Furthermore, the Markets Committee also urged for the GFXC to improve and strengthen the Code further, improving transparency and disclosure of trading practices, by undertaking an anonymous review of the Code during 2020.





30.01.20 BIS Assessment of the FX Global Code

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