A global code of conduct for the wholesale FX market was launched last week. Named the FX Global Code, it was released at the same time as the Global Precious Metals Code, prepared by the LBMA, which covers the wholesale precious metals market. Aligned with these two codes of best practice is a third code, the UK Money Markets Code, issued by the Bank of England's Money Markets Committee in April and covering participants in the deposit, repo and securities lending markets.
None of these codes supplants or modifies existing laws and regulations applicable to a firm. They are instead standards of best practice which regulators may endorse by incorporating them within their supervisory practices and their expectations of affected firms.
Please click on the following links for a summary of each of the codes:
Please contact your usual partner for further advice, including ways we can help you incorporate the codes into your policy and procedure documents.