The European Central Bank (ECB) has announced its approach to implementing the FX global code. The ECB invites FX trading counterparties to publicly commit to the principles set out in the FX global code by endorsing the statement of commitment annexed to the code of conduct by the end of May 2018. Counterparties are also encouraged to reaffirm their commitment to those principles after any substantial future update of the FX global code.
The ECB, which reaffirms its own intention to commit to the FX global code when participating in the foreign exchange market, has also decided to make membership of its Foreign Exchange Contact Group (FXCG) contingent on adherence to those principles. FXCG members will be required to demonstrate their institutions’ commitment to the FX Global Code, in line with the FXCG’s updated terms of reference.
View ECB sets out approach to implementing FX global code, 26 July 2017