An Important Step for Market Participants in the FX Market.
This week, all members of the European System of Central Banks (ESCB) have simultaneously renewed their Statements of Commitment to the FX Global Code, in order to reflect their strong commitment to the new version of this Code published in July 2021.
The members of the ESCB comprise of the European Central Bank (ECB) and the National Central Banks of all member states of the European Union. With the renewal of these Statements, the ESCB members further emphasise that adherence and application of all the Code’s principles is extremely relevant in ensuring that the FX Market functions in an effective manner and with continuous integrity.
The European Central Bank has been an important supporter and promoter of the FX Global Code since its release in May 2017. Subsequently, they have published the initial Statement of Commitment on 29th November 2017, with their renewed Statement having been published on 15th February 2022. In order to access the related Press Release of the ECB, please visit their website at:https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220215~efef365080.en.html
The ESCB members hope that this combined renewal of these Statements will inspire Market Participants in other jurisdictions to review the new version of the Code and renew their Statements of Commitment, as those are key measures to fully achieve the objectives of the FX Global Code.
In August 2021, and to reinforce its commitment to encourage global adherence to the FX Global Code since its release in May 2017, ²ÝÝ®tv FMA has decided to issue a Statement of Support to the new version of the Code, as we firmly believe it remains relevant, up to date and will continue to be essential in aiding the better functioning of the FX Market. To access our related Press Release on this subject, please visit our website at: /news/aci-fma-issues-statement-support-fx-global-code
With that objective in mind, the members of ²ÝÝ®tv FMA continue to regularly produce new content for our education tools aimed at helping individual Market Participants with their training, certification and adherence to the principles of the FX Global Code. For instance, our ELAC Portal (for E-Learning, Attestation and Certification on industry codes), is now accessed in nearly 80 countries (from all continents) by personnel from firms with activities in all market sectors. With that geographical and industry diversity, the content integrated into ELAC covers a wide range of scenarios for a variety of currencies, environments and circumstances, regardless of the development status of the FX Market in each of their related countries. These scenarios consider the different roles performed by the various Market Participants (buy-side, sell-side, brokers, etc) in the FX Market. To access the characteristics of our ELAC Portal, please visit our website at: /elac
Our ²ÝÝ®tv members are longstanding proponents and influencers of the highest standards of ethical and professional conduct, therefore ²ÝÝ®tv FMA will remain committed to promoting adherence to all initiatives that aim to implement the adoption of good market practices in the roles of financial markets professionals.
LinkedIn: https://www.linkedin.com/feed/update/urn:li:activity:6899704445106470912/