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Strengthening Principles & Code of Conduct Standards in FX Markets

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FX Global Code of Conduct

The Foreign Exchange Working Group (FXWG) was established in July 2015 by the Bank for International Settlements. The aim of the FXWG is to strengthen principles and code of conduct standards in foreign exchange markets.

The Global Code for the FX Market

The FXWG are working on developing a single set of global principles of good practice for the wholesale FX market. The final completed FX Global Code of Conduct is expected to be published in May 2017.

It should be noted that there is a diverse range of Market Participants that engages in the FX Market in a variety of ways and for different foreign exchange products. The FXWG are therefore writing the FX Global Code bearing this in mind and it is expected to apply to all Market Participants that engage in the Foreign Exchange Market. This includes both buy-side and sell-side entities, Trading Venue operators, non-bank liquidity providers and other entities that provide services such as brokerage, execution and settlement. Visit the following page onsite for more information on who will the FX Global Code apply to.

In the meantime the FXWG have published a First Phase document that sets out the six principles of the FX Global Code as well as more information on who the Global Code is expected to apply to along with illustrative examples.

The Global Code

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The Six Principles of the FX Global Code

  1. Ethics
  2. Governance
  3. Information Sharing
  4. Execution
  5. Risk Management & Compliance
  6. Confirmation & Settlement Processes

There has been much discussion of late about FX market conduct. In particular, two issues are being hotly discussed - ‘last look’ and pre-trade hedging…

FX Market News

21.03.17 Conduct: ‘Last look’ & Pre-trade hedging

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