(20 July 2026 – Global) The Global Foreign Exchange Committee (GFXC) is preparing to launch its latest triennial round of feedback on the FX Global Code administered by the Bank of England (BoE).
The purpose of the Code is to promote a robust, fair, liquid, open and appropriately transparent market in which a diverse set of market participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour.
The GFXC is seeking feedback on awareness and adoption of the Code, the effectiveness of the Code, as well as the associated materials that were released in the revised 2024 version and areas of focus for the 2027 Code review. Only aggregated results will be published and accordingly individual responses will not be identifiable with input open to all market participants and interested parties seeking to participate.
The FX Global Code of Conduct was created by 16 central banks and market participants in 2017. Since the code was published in 2017 the European Central Bank (ECB) has insisted that its currency trading counterparts sign up to the principles. While the majority of major banks and dealers have signed up to adhere to the code, industry participants report take-up from investors remains sluggish.
GFXC Chair Gerardo García (Bank of Mexico General Director of Central Bank Operations) recently completed his term. The GFXC elected Bernard Wee as its new Chair (Monetary Authority of Singapore Assistant Managing Director and Group Head of Markets and Investment) with immediate effect. Mr Wee brings over twenty years of experience at the MAS to the Chair role.
“The Code reflects the collective wisdom of central banks and markets participants across the globe. Going forward, it will matter more than ever” commented outgoing GFXC Chair Mr García.