London, UK, 25 May 2017 - Commenting on the publication today of the Global Code of Conduct for the FX market – which provides a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market – James Kemp, Managing Director of the GFMA’s Global FX Division said:

“From the outset, the GFMA’s FX Division has been fully supportive of this initiative to create a Global Code of Conduct for FX. Given that foreign exchange underpins international trade and investing, we believe a single, global code provides a common reference point to encourage good practice and re-build public confidence in the FX market.

“This is an opportunity for all wholesale FX market participants to demonstrate that they can put the right controls and guidance in place that are consistent with the principles of the Code and that ensure the market is operating fairly and effectively.

“In response to the first phase of the Code, published in May 2016, our members have already made significant enhancements to their conduct and control standards. For example, placing greater emphasis on the first Line of Defence, strengthening the control environment and establishing more robust oversight structures. More emphasis is being placed on conduct training, as well as adherence to procedures and policies. However, there is no room for complacency. With the complete Code now published, our members will continue to strengthen their technology, policies and procedures to ensure they align with the principles.”

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