GFMA Global FX Division welcomes Global Code of Conduct for FX market

GFMA Global FX Division welcomes Global Code of Conduct for FX market   

London, UK, 26 May 2016 - Commenting on the launch of the Foreign Exchange Working Group's Global Code of Conduct for the FX market, James Kemp, Managing Director of the GFMA’s Global FX Division said:

“The Global Code of Conduct was created as a result of strong central bank and industry desire to build confidence in the FX market and to develop globally consistent guidance that covers all market participants. The GFMA’s FX Division is fully supportive of this initiative. Confidence in global markets is fundamental to the functioning of our industry.

“This is an opportunity for global market participants to demonstrate that they can put the right controls and guidance in place that are consistent with the principles of the code. We believe the introduction of a single code will create a common reference point to encourage good practice and re-build public confidence that the FX industry – which underpins global trade and investment – is functioning fairly and effectively.”  

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About the GFMA:

The Global Foreign Exchange (FX) Division was formed as part of the Global Financial Markets Association (GFMA) and its members comprise 24 global FX dealers, collectively representing more than 90% of the FX dealer market (Source: Euromoney 2015).

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.


About the Global Code of Conduct:

This set of global principles of good practice in the foreign exchange market (Global Code) is being developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It is intended 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 regulation by identifying global good practices and processes.

The Global Code is being developed by a partnership between central banks and Market Participants from 16 jurisdictions around the globe. It is organised around six leading principles: ethics, governance, information sharing, execution, risk management and compliance, as well as confirmation and settlement processes. The Global Code will evolve, as required, over time as the FX Market evolves.

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