The American Foreign Exchange Committee (FXC) has issued one of its letters last week addressed to all “Market Participants”. The FXC is an FX industry group that has been providing guidance to the market since 1978.
Eurobase has just given me a reusable coffee/tea mug in support of World Environment Day. This should arrest the use of plastic in the office and help our seas and oceans, albeit in a very small way, but every little helps! Cycling into work, I heard on the radio about the tremendous amount inspired teachers do to educate our children on environmental matters. I can personally attest to the “nag factor” our teenagers bring to correct the ways of their elders! Overall, it is about doing the “right thing”.
Do you have systems in place to enable adherence to the Global Code for FX?
The Global Code of Conduct for FX (the Code) was released on the 25th of May 2017, to a good reception from diverse market participants and brought the curtain down on two years of work.
I have the privilege to serve on the BIS FXWG Market Participants Group (MPG) that is crafting the Global Code of Conduct for FX.Interest in the Code is being expressed by market participates of all shapes and sizes alongside those being engaged in multiple roles across the Foreign Exchange industry.
On the 26th of May part 1 of the Global Code of Conduct will be published. This will be the high level principles to govern in a single code the unregulated over the counter (OTC) wholesale FX market. Part 2 will be published in exactly one years’ time. This will be the last part though, so not quite as long a saga as the Lord of the Rings!