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FX Global Code

The FX Global Code December 2017 (Global Code) is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and Market Participants from 16 jurisdictions around the globe.

The purpose of the Global Code is to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour.

The Global Code does not impose legal or regulatory obligations on Market Participants, nor does it substitute for regulation, but rather it is intended to serve as a supplement to any and all local laws, rules and regulations by identifying global good practices and processes.

History of the FX Global Code

The establishment of the FX Global Code was facilitated by the Foreign Exchange Working Group (FXWG), which operated under the auspices of the BIS Markets Committee and consisted of central banks from 16 jurisdictions around the globe. The work was supported by a Market Participants Group (MPG), which drew from market participants spanning the sell side, buy side and FX infrastructure providers across these regions.

The work to develop the Global Code spanned roughly two years with some initial content on ethics, execution, information sharing and confirmation and settlement principles published in May 2016. The complete Global Code was published in May 2017 featuring new sections on governance, risk management and compliance, and additional material on topics such as electronic trading and prime brokerage. The publication of the Global Code marked the completion of the FXWG's mandate.

Upon launch of the Global Code, the Global Foreign Exchange Committee has been tasked with its ongoing maintenance, continuing the collaboration between central banks and the private sector on developing principles for good practice in the FX market.

Download the FX Global Code December 2017.

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