On 25 May the Bank for International Settlements (BIS) Foreign Exchange (FX) Working Group (FXWG) published the final version of the new FX Global Code of Conduct (the Code) for operations in the wholesale global FX markets.
The Code, through its 55 principles and its emphasis on key themes, seeks to restore confidence in the $5.1 Trillion a day foreign exchange market. The Code sets out common standards for conduct and behaviour for all participants in the wholesale FX markets.
360T has already signalled that it is fully supportive of the aims of this Code. To that end 360T will be carrying out an analysis of its own systems and controls to ensure that they align with the spirit and wording of the Code and which in turn will allow 360T to issue a formal statement of commitment to the Code in due course.
In the interim, although the Code does not impose any legal or regulatory obligations on participants, 360T nevertheless urges its customers and partners to equally embrace the Code and together help create a foreign exchange market that becomes renowned for its fairness, transparency and integrity.
A copy of the Code is available here: http://www.globalfxc.org/docs/fx_global.pdf