Foreign Exchange Global Code of Conduct
The Foreign Exchange Global Code of Conduct (FX Global Code) is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and market participants from the major FX trading centers around the globe under the auspices of the Bank for International Settlements. The purpose of the Global Code is to promote a robust, fair, liquid, open and appropriately transparent market. The 55 principles in the Code focus on transparency, fairness and mitigating risks across six key areas: ethics, governance, execution, information sharing, risk management and compliance, and confirmation and settlement. The Global Foreign Exchange Committee reviews and updates the Code at regular intervals to keep it relevant and in line with the development of the FX market. The last update of the Code was made in July 2021.
All central banks in the European System of Central Banks (ESCB1) are strongly committed to supporting and promoting adherence to the FX Global Code (the “Code”). By issuing Statements of Commitment to the Code, all ESCB central banks demonstrate that they are committed to adhering to the principles of the Code when acting as foreign exchange market participants and ensuring that their internal practices and processes are aligned with the principles of the Code. With these Statements of Commitment, they emphasise that the principles of the Code are important in promoting the integrity and effective functioning of the wholesale foreign exchange market. To ultimately achieve the objective of the Code, the ESCB central banks will continue to also encourage all foreign exchange market participants to adhere to it.
Banka Slovenije, as a member of the Eurosystem, and the broader ESCB is committed in adhering to the principles of the Code. Banka Slovenije implemented the Code throughout all FX related activities, and we encourage an equivalent level of commitment from our regular FX counterparties. Banka Slovenije inivites FX market participants to evolve their practices in such a way that they are consistent with the principles of the Code and to demonstrate their commitment by endorsing the Statement of Commitment annexed to the Code. Banka Slovenije looks forward to witnessing the evolution of practices accordingly.
Read the full FX Code of Conduct
Read the ESCB’s full press release relating to the Code
Banka Slovenije Statement of Commitment to FX Global Code
 The ESCB comprises the ECB and the national central banks (NCBs) of all EU Member States whether they have adopted the euro or not.