FX Global Code
The FX Global Code, first published in 2017 and subsequently updated in 2021, is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and market participants from 20 jurisdictions around the globe.
The purpose of the FX Global Code is 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 FX 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 regulations by identifying global good practices and processes.
London Foreign Exchange Joint Standing Committee (FXJSC)
Chaired by the Bank of England, the FXJSC was established in November 1973 and is a forum for market participants, infrastructure providers and the relevant UK public authorities to discuss conjunctural and structural issues concerning the wholesale foreign exchange market in the UK and the associated supporting infrastructure. The FXJSC currently has two sub committees.
- The Operations Sub-Committee was established in 2002. Its members are operations managers from many major banks active in the London wholesale FX market, as well as representatives from service providers and trade associations and also from the FCA.
- The Legal Sub-Committee was established in 2004 and comprises legal professionals providing in-house counsel for many of the major institutions involved in the wholesale FX market in London.
Global FX Committee
The Global Foreign Exchange Committee was established in May 2017 as a forum bringing together central banks and private sector participants with the aim to promote a robust, fair, liquid, open, and appropriately transparent Foreign Exchange (FX) market in which a diverse set of participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available information and in a manner that conforms to acceptable standards of behaviour.