Bank of England renews its commitment to adhere to the FX Global Code

News release

The Bank of England (BoE) has renewed the Statement of Commitment to the FX Global Code (‘Code’) based on the revised Code dated July 2021. The Code sets out principles of good practice in the foreign exchange market. It was first published in 2017 and updated by the Global Foreign Exchange Committee (GFXC). By signing this Statement, the BoE attests that its internal processes are consistent with the principles of the Code. 

To continue to support the objective of the Code for a fair, transparent and robust FX market underpinned by high standards, the Bank strongly encourages all market participants, including its regular counterparties, to adhere and commit to the updated Code. 

Bank of England statement of commitment

Notes

Development of the FX Global Code was sponsored by the BIS Governors (BIS statement on FX market best practices). The FX Global Code, first published in 2017 and updated in July 2021, outlines the principles of good practice for all FX market participants in order to promote the integrity and effective functioning of the wholesale FX market. The Global Foreign Exchange Committee maintains and updates the Code. 

News release – Bank of England’s 2018 statement of commitment