On Thursday, the Moscow Exchange (MOEX) announced that it signed a statement of commitment to the FX Global Code. By showing its commitment, the exchange has pledged its support for a robust, fair, liquid, open and transparent foreign exchange market.
The FX Global Code was developed to set international principles for good practices in the forex market. The code is a result of a partnership of central banks and market participants from 16 jurisdictions around the world. So far, the market has embraced the code, with numerous banks and financial institutions pledging their commitment to adhere to the code.
The code aims to create a fair and strong forex market, supported by a resilient infrastructure. While the code isn’t regulatory binding or a substitute for local regulations, it supplements all local laws and rules by providing a framework for international good practices and processes.
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MOEX is leading the way for Russia
MOEX is the first Russian financial institution to commit to the code. The exchange joins a large group of more than 100 other market participants. These include central banks and banks including Barclays, Citi, Deutsche Bank and JPMorgan Chase & Co. In addition, the code is also supported by electronic trading platforms such as Bloomberg and Thomson Reuters.
Commenting on the Russian Exchange’s commitment to the code, Igor Marich, a member of MOEX’s Executive Board and Head of the Money and Derivatives Markets said: “we endorse the FX Global Code and are committed to the highest levels of fairness and transparency,”
“As the world’s largest liquidity center for the ruble, Moscow Exchange has a special responsibility to operate an open, resilient and trustworthy FX trading platform. By committing to the Global Code, we are ensuring our practices are aligned with leading international standards and our infrastructure will remain robust and reliable.”
MOEX is the global center of liquidity for the ruble. The exchange allows trading in 10 currency pairs, with the most common being the Russian Ruble/US Dollar pair. The Moscow Exchange first announced its intent to join the Global Code in January this year.