The ACI Financial Markets Association (ACI FMA) announced this Monday that it has teamed up with Axiom Global Advisors in order to help market participants adopt and adhere to the FX Global Code.
The FX Global Code was launched in 2017 and outlines a set of good market practices for the global forex market, which has a turnover of more than $6.6 trillion a day. Even regulators, such as the Financial Conduct Authority (FCA), have recognized the code.
Under the agreement, the companies will provide services and tools which will help market participants to embed the principles of the FX Global Code in their daily operations.
Commenting on the partnership, Kim Winding Larsen, President Delegate of ACI FMA, said in the statement: “Since the inception of the FX Global Code, a priority for ACI FMA has been the further education of market participants on the code and ensuring its implementation across the market.
“In fact, our ELAC portal has been recognised by Market Participants as a fundamental tool to assist the objectives of staff ongoing adherence to the code. To support this goal, we are very pleased to be entering into a partnership with Axiom Global Advisors, who share our vision and mission of market wide adoption and education of the FX Global Code.”
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ACI FMA and Axiom will together organize events to raise awareness of the global code, where they will offer guidance and support for the adoption and implementation of the standards.
FX Global Code approaches three-year review
The FX Global Code is up for its three-year review. In anticipation of this, the Bank for International Settlements (BIS) Markets Committee told the Global Foreign Exchange Committee (GFXC) that more adoption was needed from buy-side firms, such as asset management firms.
“We set up Axiom with the mission to help Market Participants understand the FX Global Code and the principles that need to be applied in order to best meet practices, promoting conduct and ethical behaviour,” added Julian Gladwin, Founder of Axiom Global Advisors.
“Partnering with ACI FMA will allow us to meet our shared goal of educating the FX industry in the most effective ways of implementing and monitoring the effectiveness of the Code.”