For Press Enquiries:
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.”
– Ends –
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Liz Pierce
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T: +852 9359 6996
Notes:
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.
For more information, please visit: http://www.bis.org/about/factmktc/fxwg.htm?m=3%7C332%7C610
