Release Date: 30 March 2015
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GFMA comment on release of a "Global Preamble: Codes of best market practice and shared global principles" for FX markets
London, UK, 30 March 2015 ‐ Commenting on the release today of a "Global Preamble: Codes of best market practice and shared global principles" by the eight foreign exchange market committees of the major financial markets, James Kemp, Managing Director, Global FX at the Global Financial Markets Association (GFMA), said:
“The publication of a single set of high level conduct principles for the foreign exchange market is a key step in harmonising global conduct standards for the industry and is fully supported by the GFMA's Global FX Division.
"Sitting above the existing regional codes, these principles will ensure practices across the global FX market are consistent and coherent for the benefit of all market participants, and we believe will support further regional code alignment.
"The principles also provide more welcome guidance to dealers and market participants on key issues such as confidential information and communication, and build on the FSB work around the execution of orders in daily benchmark fixing sessions."
The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA.