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The Bank of England welcomes the announcement today by the Financial Conduct Authority (FCA) that it has recognised the Precious Metals Code and the revised FX Global Code (FX Code) under its codes recognition scheme. The FCA’s scheme was launched in 2018 and is for codes that apply to unregulated financial markets and activities. The FCA first recognised the FX Code in June 2019, and has re-recognised it following the Global Foreign Exchange Committee’s (GFXC) three-year review.
Of today’s announcement, Andrew Hauser, Executive Director for Markets at the Bank of England said: “I welcome the FCA’s decision to recognise the revised FX Global Code. Since the FCA’s recognition of the Code in 2019, which embedded the Code in the Senior Managers and Certification Regime, we have seen a step change in engagement by the UK asset management community in particular. There are now over 1,100 statements of commitment made to the FX Global Code. The FCA’s recognition of the revised Code continues to highlight the benefits of Code sign-up and promotes the integrity and effective functioning of the wholesale FX market. ”
Guy Debelle, Chair of the GFXC and Deputy Governor of the Reserve Bank of Australia said: “I welcome the FCA’s recognition of the revised FX Global Code. In particular, the FCA’s focus on aspects of our three-year review, such as last look, pre-hedging and the role of clear and transparent disclosures, highlights the importance of the GFXC’s work in ensuring that the Code remains relevant to the evolving FX market.”