A global code of conduct ("the Code") for the foreign
exchange ("FX") market was published in May 2017. Defined
as 'a set of global principles of good practice in the foreign
exchange market,' the Code provides a common set of guidelines
to promote the integrity and effective functioning of the FX
market, which has a turnover of more than $5 trillion a day.
Developed by a partnership between central banks and Market
Participants from 16 different jurisdictions which are
international FX trading centres around the world, the Code
supersedes and updates existing guidance for participants in FX
markets, provided in the UK by the Non-investment Products (NIPs)
Code.
By establishing a common set of guidelines, the Code's
practical objectives are to promote integrity and to ensure the
effective functioning of the FX market. To deliver this, it aims to
promote an FX market which is robust, fair, liquid, open, and
appropriately transparent. The Code further recognises
