UK watchdog recognises revised FX Global Code

The Financial Conduct Authority (FCA) has confirmed it is recognising the updated FX Global Code.

The code, which has been maintained and updated by the Global Foreign Exchange Committee, sets principles of good practice standards for the global foreign exchange (FX) market.

The Authority has also announced that it is recognising the Global Precious Metals Code (the PM Code) - maintained and updated by the London Bullion Market Association, which sets out principles to promote the integrity and effective functioning of the global precious metals market.

The Bank of England has welcomed the UK watchdog’s decision.

“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,” said Andrew Hauser, executive director for markets, Bank of England. “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. ”

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