The Bank of England has today announced that the eight foreign exchange committees in the major financial centers are releasing today a revised “Global Preamble: Codes of best market practice and shared global principles” document, which was approved and endorsed by the eight committees at the annual global foreign exchange committees meeting, held in Tokyo on 23 March 2015, and which updates the original version published in 2013.
This publication, which has been issued by the Bank of England, reflects a shared commitment to developing and promoting clear, robust, and implementable best practice guidance. Such guidance, accompanied by high standards of ethical behavior, is critically important to a well-functioning global foreign exchange market.
These eight committees have worked together closely since the 2014 global foreign exchange committee meeting in Sydney to draft this revised document, which features more detailed, globally harmonised guidance. The document covers topics such as personal conduct, confidentiality and market conduct, and policies for execution practices and reflects a number of the Financial Stability Board’s Foreign Exchange Benchmark recommendations.
The committees expect foreign exchange market participants to incorporate this guidance into their processes and control frameworks in a timely manner. The committees will continue to build on this global collaboration as they seek to promote adherence to best market practices and to help facilitate implementation of the Financial Stability Board’s Foreign Exchange Benchmark recommendations.
The committees listed below collaborated in the drafting of the Global Preamble and in this statement.
Australian Foreign Exchange Committee
Canadian Foreign Exchange Committee
ECB’s Foreign Exchange Contact Group
Hong Kong Treasury Markets Association
London Foreign Exchange Joint Standing Committee
New York Foreign Exchange Committee
Singapore Foreign Exchange Market Committee
Tokyo Foreign Exchange Market Committee