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30 March 2015

BoE: Global Preamble - Codes of best market practice and shared global principles

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This publication reflects eight foreign exchange committees’ shared commitment to developing and promoting clear, robust, and implementable best practice guidance, which is critically important to a well-functioning global foreign exchange market.

The eight foreign exchange committees in the major financial centres have worked together closely since the 2014 global foreign exchange committee meeting in Sydney to draft this revised document, which features more detailed, globally harmonised guidance. The document covers topics such as personal conduct, confidentiality and market conduct, and policies for execution practices and reflects a number of the Financial Stability Board’s Foreign Exchange Benchmark recommendations.

The committees expect foreign exchange market participants to incorporate this guidance into their processes and control frameworks in a timely manner. The committees will continue to build on this global collaboration as they seek to promote adherence to best market practices and to help facilitate implementation of the Financial Stability Board’s Foreign Exchange Benchmark recommendations.

These committees collaborated in the drafting of the Global Preamble:

  • Australian Foreign Exchange Committee
  • Canadian Foreign Exchange Committee
  • ECB’s Foreign Exchange Contact Group
  • Hong Kong Treasury Markets Association
  • London Foreign Exchange Joint Standing Committee
  • New York Foreign Exchange Committee
  • Singapore Foreign Exchange Market Committee
  • Tokyo Foreign Exchange Market Committee

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