Friday, 26 May 2017

Central banks throw their weight behind Forex Global Code

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Central banks of five countries, including India and Australia, welcomed publication of the FX Global Code, a single global code of conduct for the wholesale foreign exchange market. The code was launched after it was endorsed at the Global Foreign Exchange Committee meeting in London on May 24.

The Bank of Korea (BOK), the Hong Kong Monetary Authority (HKMA), the Monetary Authority of Singapore (MAS), the Reserve Bank of Australia (RBA) and the Reserve Bank of India (RBI) have welcomed the publication of the Code.

"Given the increasing volume of forex activity taking place in Asia, they encourage all market participants based in their jurisdictions to adhere to the principles of the Code," the five banks said in a joint statement.

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