ECB details approach to implement Foreign Exchange Global Code of Conduct
The European Central Bank (ECB) invites foreign exchange trading counterparties to publicly commit to the principles set out in the FX Global Code by endorsing the Statement of Commitment annexed to that code of conduct by the end of May 2018. Counterparties are also encouraged to reaffirm their commitment to those principles after any substantial future update of the FX Global Code.
- ECB invites foreign exchange trading counterparties to publicly commit to FX Global Code
- Adherence to FX Global Code to be a prerequisite for membership of ECB’s Foreign Exchange Contact Group
- ECB reaffirms its commitment to principles set out in FX Global Code
The FX Global Code is a set of global principles of good practice in foreign exchange markets, developed by central banks and market participants from 16 jurisdictions around the globe in order to promote a robust, fair, liquid, open and appropriately transparent market.
The ECB, which reaffirms its own intention to commit to the FX Global Code when participating in the foreign exchange market, has also decided to make membership of its Foreign Exchange Contact Group (FXCG) contingent on adherence to those principles. FXCG members will be required to demonstrate their institutions’ commitment to the FX Global Code, in line with the FXCG’s updated Terms of Reference.
This follows the publication of the FX Global Code and the BIS’s Report on Adherence to the FX Global Code and is in line with recent statements following meetings of the BIS’s Economic Consultative Committee and its Global Economy Meeting, as well as the ESCB central banks’ press release of 25 May 2017.
For media queries, please contact Eszter Miltényi-Torstensson, tel.: +49 69 1344 8034.European Central Bank
Directorate General Communications
Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany
Tel.: +49 69 1344 7455, E-mail: email@example.com
Reproduction is permitted provided that the source is acknowledged.
Latest News from
We must speed up our cooperation on migration and forced displacement says EIB President Werner Hoyer16/10/2017 14:05:00
Better coordination of the work of Multilateral Development Banks could have a significant impact on the millions of people around the world affected by the migration and forced displacement challenge.
More attention must be given to Europe’s working poor16/10/2017 12:10:00
Eurofound Research Manager Daphne Nathalie Ahrendt looks at the increase in the number of workers that are at risk of poverty and are materially deprived following the 2008 economic & financial crisis, and evaluates the potential social ramifications for Europe.
Independence far from reality for many people with disabilities16/10/2017 09:25:00
Many people with disabilities in the EU still live in institutions. They risk being isolated, marginalised and prevented from living a full, independent life, and face worse conditions than people without disabilities.
Fifth round of Article 50 negotiations with the UK14/10/2017 09:15:00
Press statement by Michel Barnier following the fifth round of Article 50 negotiations with the United Kingdom
Operation in FIFA World Cup media rights-related investigations13/10/2017 15:05:00
Eurojust supported the international joint operation launched by the Office of the Attorney General (OAG) of Switzerland, in close cooperation with the judicial and law enforcement authorities of France, Greece, Italy and Spain.