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FX Global code: May 2016 Update

Auteur(s) : Banque des Règlements Internationaux

Date de publication : 30/05/2017

Éditeur : BRI

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Résumé / Texte d’introduction :

This set of global principles of good practice in the foreign exchange market (Global Code) is being developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market1 (FX Market). It is intended to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour. The Global Code does not impose legal or regulatory obligations on Market Participants nor does it substitute for regulation, but rather it is intended to serve as a supplement to any and all local laws, rules, and regulation by identifying global good practices and processes.

The Global Code is being developed by a partnership between central banks and Market Participants from 16 jurisdictions around the globe.  On the central bank side, the Foreign Exchange Working Group (FXWG) was established in July 2015 to facilitate the creation of the Global Code and to promote its adoption. It operates under the auspices of the Markets Committee, which is composed of senior officials responsible for market operations in 21 central banks representing the 15 largest currency areas. It is chaired by Guy Debelle (Reserve Bank of Australia) and it is located at the Bank for International Settlements.  On the private sector side, the FXWG formed a Market Participants Group (MPG), chaired by David Puth, Chief Executive Officer of CLS Bank International, to help coordinate across the regional FXCs and representatives of the FX Market in other regions, in order to engage a broad and diverse set of Market Participants in the process of developing and promoting the Global Code.

Plan :

Contents

1 Foreword 

2 I. What is the Global Code?.............................................................................................................................................. 2 II. Who will the Global Code apply to? ....................................................................................................................... 4 Ethics ............................................................................................................................................................................................ 6 Governance ................................................................................................................................................................................ 8 Information Sharing ............................................................................................................................................................... 9 I. Handling Confidential Information.......................................................................................................................... 9 II. Communications ..........................................................................................................................................................10 Execution ..................................................................................................................................................................................13 Risk Management and Compliance ................................................................................................................................20 Confirmation and Settlement ...........................................................................................................................................21 I. Overarching Principles ...............................................................................................................................................21 II. Confirmation Process.................................................................................................................................................22 III. Netting and Settlement Processes ......................................................................................................................24 IV. Account Reconciliation Processes.......................................................................................................................26 ANNEX 1: ILLUSTRATIVE EXAMPLES...........................................................................................................................27 ANNEX 2: GLOSSARY OF TERMS.....................................................................................................................................30

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