BIS Reaffirms Commitment to FX Global Code

The Bank for International Settlements (BIS) has followed many of its central bank clientele by renewing its commitment to the FX Global Code. The Code was updated in July 2021 with 11 Principles modified and the Global Foreign Exchange Committee said at the time that it expected market participants to take up to a year to review and respond to the changes.

The BIS says it has reviewed the content of the updated Code, and acknowledges that it represents a set of principles generally recognised as good practice in the wholesale foreign exchange market.

“The BIS confirms that it acts as a market participant as defined by the Code, and is committed to conducting its FX market activities in a manner consistent with the principles of the Code,” it states. “To this end, the BIS has taken appropriate steps, based on the size and complexity of its activities, and the nature of its engagement in the FX market, to align its activities with the principles of the Code.”