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The FX Global Code of Conduct was launched just over
two weeks ago in London. It is available on the Global
Foreign Exchange Committee’s website, www.globalfxc.
org.
1
Today I will reiterate the motivation for the work,
highlight the main features of the Code and adherence,
summarise how we developed the Code and outline the
way forward.
Firstly, why has this work been necessary? The foreign
exchange (FX) industry has been suffering from a lack
of trust. This lack of trust is evident both between
participants in the market and, at least as importantly,
1 An app version has also been made available by an external party:
app.policystore.ch/C/FXCode/.between the public and the market. The market needs to
move toward a more favourable and desirable location,
and allow participants to have much greater confidence
that the market is functioning appropriately.
The Code sets out global principles of good practice in
the FX market to provide a common set of guidance
to the market. This will help to restore confidence and
promote the effective functioning of the wholesale FX
market.
A well-functioning FX market is very much in the interest
of all market participants. This clearly includes central
banks, both in their own role as market participants but
AUSTRALIA
THE GLOBAL
FX CODE OF CONDUCT
Address by Mr. GUY DEBELLE, Deputy Governor of the Reserve Bank of Australia, to the Thomson Reuters Industry
Event “Examining the FX Code of Conduct”, Sydney, Australia, 15 June 2017, from central bankers`speeches, BIS,
Bank of International Settlement, Basel, Switzerland
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