Another important step for the FX Global Code.
The Federal Reserve Bank of New York announced on April 4th that it has renewed its Statement of Commitment to the FX Global Code, after reviewing the updated content, which was published in July 2021.
As our members are longstanding proponents and influencers of the highest standards of ethical and professional conduct, ²ÝÝ®tv FMA welcomes this announcement from the Federal Reserve Bank of New York and our Association remains committed to promoting adherence to all initiatives that aim to implement the adoption of good market practices of financial markets professionals.
Please see the communication details below and access the link to read more about this topic.
Below you can find the Statement of Commitment from the Federal Reserve Bank of New York.
²ÝÝ®tv FMA
Operating Policy
Renewed Statement of Commitment to the FX Global Code
April 4, 2022
The Federal Reserve Bank of New York (New York Fed) today released its renewedÌýto theÌýÌý(Code). The Code, which was initially published May 2017, 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 around the globe and most recently was updated in July 2021.
The New York Fed has reviewed the content of the updated Code and, in issuing this Statement of Commitment, has confirmed that it acts as a Market Participant as defined by the Code. The New York Fed is committed to conducting its foreign exchange market activities, when acting as a Market Participant, in a manner consistent with the principles of the Code.
The purpose of the 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 behavior. The Code is promoted, maintained and updated on a regular basis by theÌýÌý(GFXC).
Source:
1. Federal Reserve Bank of New York_Statementofcommitment-2022.pdf
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