In a new industry development, today, the Bank of England announced that the eight foreign exchange committees in the major financial centres have released a revised “Global Preamble: Codes of best market practice and shared global principles”. Specifically, these has to do with the codes of best market practices as well as the shared global principles. The updated version, previously published in 2013, was approved and endorsed by the eight committees at the annual global FX committees meeting, which was held on the 23 March 2015 in Tokyo.
The publication that was issued by the Bank of England no doubts reflects the commitment shared towards developing and promoting robust, clear and implementable best practice guidance. Which in turn, has prompted the Global FX committee to issue updated guidelines on market practices.
Since the 2014 global FX committee, which was held in Sydney, these eight committees have been working together to draft this revised document. The document features in details a globally harmonised guidance and it is accompanied by high standards of ethical behaviour. Of course these advocates very important resolutions for a better global FX market.
The revised document covers topics such as confidentiality conduct, personal conduct and market conduct. Additionally, it specify the policies necessary for executing practices and it reflects a number of the Financial Stability Board`s Foreign Benchmark recommendations.
The committees believe and expect the FX market participants to follow this guide. The committees will also make sure they continue to build on this global collaboration, as they seek to promote adherence to the best market practices.