Renew Statement of Commitment to the FX Global Code
15.02.2022
The FX Global Code sets the standard for good market practice and first published in 2017. In order to keep its principles in line with the ongoing evolutions in the global foreign exchange market, in July 2021 was published an updated version of the FX Global Code together with related guidance material, version that continues to promote the robust, fair, open and appropriately transparent foreign exchange market underpinned by high ethical standards.
In this context, the National Bank of Romania publicly reaffirms commitment to updated version of the FX Global Code published in July 2021 together with related guidance materials, as well as, supports the importance of the FX Global Code on the Romanian foreign exchange market to continuous ensuring of its integrity and efficient functioning.
The National Bank of Romania also encourages the Romanian foreign exchange market participants to adhere to the FX Global Code principles when acting as foreign exchange market participants by renewing their statements of commitment to the updated FX Global Code, and to review their internal procedures in order to align it with the updated principles of the FX Global Code, corresponding to the size and complexity of the activity of each participant carried out on the foreign exchange market.
Considering the importance for central banks on well-functioning of the foreign exchange financial market, because ensures smooth transmission of the monetary policy to the real economy, which ultimately benefits both market participants and the public at large, today, the National Bank of Romania issues simultaneously with all members of the European System of Central Banks (the “ESCB”), including the European Central Bank (the “ECB”), the renewed statements of commitment to the Global FX Code.
Notes:
- The FX Global Code and relevant information on adherence to it can be found on www.globalfxc.org.
- The ESCB includes the ECB and the national central banks of all Member States of the European Union, whether or not they have adopted the euro.