Important Letter to the Global FX Committee.
The FX Global Code was established in May 2017, having been facilitated by the Foreign Exchange Working Group (FXWG) which operated under the auspices of the BIS Markets Committee. The work of the FXWG was supported by a Market Participants Group (MPG), where ²ÝÝ®tv FMA was present.
Naturally, since the early development of this significant initiative for all Market Participants in the FX Market, the BIS Markets Committee has always kept a very close interest in the evolution of the FX Global Code. The committee has consistently encouraged ongoing adherence to the code, as it unequivocally represents a set of principles of good practice for Market Participants. The code aims to promote the integrity and effective functioning of the FX Market.
Therefore, we would like to inform you that the Chair of the BIS Markets Committee, Mr. John Williams, recently wrote a letter to Mr. Gerardo Garcia, Chair of the Global FX Committee (GFXC), responsible for promoting, maintaining, and updating the FX Global Code on a regular basis. The letter pertains to the upcoming review of the Code.
In that letter, the BIS Markets Committee highlights three areas of focus for the GFXC in the upcoming review. The first area emphasizes that the education of Market Participants should remain a key priority.
²ÝÝ®tv FMA fully agrees with this perspective, as continuous learning is essential for ongoing adherence and implementation of the good market practices advocated by the FX Global Code.
As such, since the launch of the Code, ²ÝÝ®tv FMA has introduced the ELAC Portal, for continuous E-Learning, Attestation and Certification of Industry Codes, Guidelines and Standards. The Portal is designed for firms across all sectors of the industry (currently, 25% of those firms are from the buy-side) to onboard all staff members who are individual Market Participants for those firms. Currently, it is accessed by users in over 75 countries around the world.
ELAC allows any firm to design the training and attestation processes that are suited to their specific requirements, and proportional application of those requirements is well embedded in the Portal.
Please watch the video presenting the ELAC portal:
To find out more about ELAC, please check our website on: /elac
The letter from the Markets Committee has been published on the BIS website (Letter to GFXC: BIS Markets Committee):Markets Committee input into the upcoming review of the FX Global Code^.pdf
More information on the GFXC LinkedIn page:
We would like to thank you, the valued members of ²ÝÝ®tv FMA and all other professionals in financial markets, for your ongoing commitment as longstanding proponents and influencers. Your dedication to the highest standards of ethical and professional conduct and good market practices is greatly appreciated.
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