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Strengthening Principles & Code of Conduct Standards in FX Markets

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Principle 3: Information Sharing

Information Sharing: Market Participant communications should be clear and accurate & confidential information should be protected.

“Market Participants are expected to be clear and accurate in their communications and to protect Confidential Information to promote effective communication that supports a robust, fair, open, liquid and appropriately transparent FX Market”

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

Principle 3 of the FX Global Code:

Communications from FX market participants are expected to be both clear and accurate. In addition Market participants should protect confidential information.

These efforts to promote effective communication will thus go towards supporting an FX Market that is robust, fair, open, liquid and appropriately transparent.

FX Market Participants and their staff should be guided by the following high-level principles when applying the guidance for Information Sharing (Communications and Handling of Confidential Information) contained within the FX Global Code:

Handling Confidential Information:

  1. Confidential Information should be clearly and effectively identified and access to it appropriately limited by Market Participants.
  2. FX Market Participants should not disclose Confidential Information to external parties, except under specific circumstances.


  1. FX Market Participants should communicate in a manner that is clear, accurate, professional and not misleading.
  2. FX Market Participants should communicate Market Colour appropriately and without compromising Confidential Information.
  3. FX Market Participants should provide Staff with clear guidance on approved modes and channels of communication that allow for traceability, auditing, record-keeping and access control.

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