Press release
6 August 2018
The Global Foreign Exchange Committee (GFXC) today published "The FX Global Code at One Year: A Look Back and a Look Ahead," a paper that reviews developments since the May 2017 launch of the FX Global Code (the Code) and outlines the GFXC's near-term priorities.
"The FX Global Code at One Year" highlights the GFXC's accomplishments over the last year, with a focus on the evolution of the Code and its adoption. It also discusses the GFXC's priorities for the year ahead, including the work focused on buy-side outreach and the ongoing integration of the Code into the FX market, as well as the continuation of GFXC working groups focused on cover and deal and disclosures. Further, the paper summarizes feedback from local FX Committees on their experience with the Code to date and their views on future work.
The GFXC also published an updated version of the Code and released minutes from its 27 June meeting in Johannesburg, South Africa.
The August 2018 update to the Code adds an illustrative example related to Principle 11, which concerns pre-hedging. This example clearly highlights negative behavior and is considered a useful addition to the Code since Principle 11 already has two positive examples associated with it.
For additional details on the GFXC and the FX Global Code, visit the GFXC website: www.globalfxc.org.
Press inquiries:
Suzanne Elio
Federal Reserve Bank of New York
(212) 720-6449
suzanne.elio@ny.frb.org
