SWIFT, a global provider of financial messaging services, has offered its full support of the recently introduced FX Global Code, reiterating for the group’s customers that their respective FX market activities are fully aligned with the principles of the Code, per a company statement.
Earlier today, the first part of the FX Global Code of Conduct was published by the Bank of International Settlements today. The new paper elaborates in detail on the industry’s need for transparency in execution and governance. The global code is aiming to promote a robust, fair, liquid, open, and appropriately transparent market where different market participants are actively supported by a resilient infrastructure.
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The publication of the Code has been widely supported by the industry, as the Market Participants Group (MPG) was actively involved in its design. More specifically, the code was developed by a partnership of central banks and market participants from sixteen jurisdictions in a bid to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market.
Further to its introduction, Code is expected to be widely adopted across the entire FX market, including the sell-side, buy-side, non-bank participants and platforms, garnering near unanimous support. In addition, SWIFT has also recently published an analysis that helps identify sections of the FX Global Code relevant for the use of SWIFT services.
According to Stephen Lindsay, Head of Standards at SWIFT, in a statement on the introduction of the Code: “SWIFT welcomes and strongly supports the launch of the FX Global Code as we believe it will strengthen the integrity and effectiveness of the wholesale foreign exchange market.”
“SWIFT has been a core part of the FX market for many years now and the services we provide are fully aligned with the intentions of the FX Global Code. We are very pleased to help support compliance with the Code,” he added.