The establishment of the FX Global Code was facilitated by the Foreign Exchange Working Group (FXWG), which operated under the auspices of the BIS Markets Committee and consisted of central banks from 16 jurisdictions around the globe. The work was supported by a Market Participants Group (MPG), which drew from market participants spanning the sell side, buy side and FX infrastructure providers across these regions.
The work to develop the Code spanned roughly two years with some initial content on ethics, execution, information sharing and confirmation and settlement principles published in May 2016. The complete Code was published in May 2017 featuring new sections on governance, risk management and compliance, and additional material on topics such as electronic trading and prime brokerage. The publication of the Code marked the completion of the FXWG’s mandate.
Upon launch of the Code, the Global Foreign Exchange Committee has been tasked with its ongoing maintenance, continuing the collaboration between central banks and the private sector on developing principles for good practice in the FX market.
Materials related to the May 2017 launch of the Code: