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Strengthening Principles & Code of Conduct Standards in FX Markets
The Global FX Code, now published, has been written to encompass ALL those that participate within the FX Market.
“The Global Code will evolve, as required, over time as the FX Market evolves”
Phase 1: Material for Global FX Code May 2016, FXWG
The Global FX Code has been written with the diversity of FX Market Participants in mind. FX Market Participants can vary greatly in how they engage in the market and with which FX products they engage. Since the Global FX Code is expected to apply to all FX Market Participants, this includes sell-side and buy-side entities as well as non-bank liquidity providers, operators of E-Trading Platforms and other entities that provide brokerage, execution and settlement services.
Given the diversity of the FX Market it is difficult to have just one approach for all; however the Global FX Code is intended to establish a “common set of guidelines for responsible participation in the market”.
For the purposes of the Global FX Code, a “Market Participant” is therefore a person or organisation (no matter their legal form):
The term “Market Participant” also encompasses any personnel that conduct any of the above on behalf of a Market Participant.
Therefore, in general, the following types of persons and organisations would invariably be expected to engage in FX Market activities as Market Participants:
Invariably the following types of persons would not generally be expected to engage in FX Market activities as Market Participants, as detailed above:
As mentioned, Market Participants in the Global FX Market are incredibly diverse in the type and level of their engagement. Since the FX Global Code is expected to apply to all FX Market Participants, the details of how to apply it may depend upon a participant’s underlying activities.
The final FX Global Code of Conduct has now been published!
The FXWG has now completed their mandate to develop a single set of global principles for the wholesale FX market..
|Principles of the FX Global Code|
|The Global FX Code: Who Does it Apply to?|
|How Can Market Participants Apply the Global FX Code?|
|Global Foreign Exchange Committee (GFXC)|
|Risk Management & Compliance|
|Confirmation & Settlement|
|GFXC Member Jurisdictions|
|FCA Officially Recognises FX Global Code|
|Last Look & Pre-Trade Transparency|
|FX Global Code Phase 2 Update|
|Members of the FXWG|
|FCA FX Remediation Programme: Next Steps|
|The Global Code: First Phase|
|Foreign Exchange Working Group Established|
|FXWG Mandate: The FX Gobal Code|
|Who will the FX Global Code apply to?|