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FX Global Code of Conduct

The purpose of this FX Global Code of Conduct course is to create awareness and generate adherence around the 6 themes and 55 principles set out in the Code, assess its application across countries and institutions, understand its practical application with real life scenarios and identify some market best practices.

Geography Covered: Global | Duration: 30-45 minutes

Summary

The Bank for International Settlements Foreign Exchange Working Group published the FX Global Code of Conduct on 25 May 2017 as a result of a joint effort between Central Banks and Market Participants from 16 jurisdictions around the globe. For jurisdictions adhering to it, this Global Code will supersede the national codes and provides a single set of good practices in the foreign exchange market.

According to the Bank for International Settlements, more than USD 5 trillion is traded every day on the Forex markets; that alone represents twice the amount of the annual economic output of the U.K. Originally aiming at facilitating cross-border trade, this huge market is now mainly speculative. In spite of its size, it has remained highly unregulated over the last decades, showing some early warning signs before the scandals of recent years which led to major banks such as Citigroup, HSBC, and JP Morgan Chase paying billions of dollars in fines.

In this context, both regulators and industry participants realized the urgency of defining a new framework, from the handling of confidential information to the pricing and settlement of deals. A coalition of central banks and industry participants regrouped and issued the code on 25 May 2017, hoping for a broad adherence to the new proposed standards and practices which cover 6 key principles:

  • Ethics
  • Governance
  • Information Sharing
  • Risk Management & Compliance
  • Confirmation & Settlement Process

It is of utmost importance for industry participants to be aware of potential misconduct on the foreign exchange market. This course will enable learners to identify this type of behavior and implement procedures to comply with the FX Global Code

The topics covered in the course include:

  • Brief introduction of FX Global Code
  • Application of the FX Global Code
  • Geography of FX markets regulations
  • Markets & Institution Banks’ adherence and response to the FX Global CodeCurernt gaps/loopholes in the FX market
  • Case studies on past frauds/currency manipulation
  • Gaps and loopholes of the FX markets
  • 6 leading principles and 55 supporting principles
  • Ethics
  • Governance
  • Execution
  • Information sharing
  • Risk management and compliance
  • Confirmation and settlement
  • Summary on best practice by profile
  • Potential profiles may include Compliance, Treasury, FO, BO, Operations, etc.
  • Red flags, best practices, and use cases
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    • FX Code of Conduct
  • Like with all our courses, the FX Global Code of Conduct training course was written by experts and powered by world-leading regulatory intelligence, which tracks more than 900 regulators and exchanges globally to ensure the course content is always up to date.

    All our training courses are driven by practical examples and interactive scenarios to ensure users truly understand and recognize the issues of most importance to your business and learn to instinctively act to support them.

    We employ instructional design techniques optimized for risk and compliance training, enabling your business to educate in a way that reduces risk and helps you build a culture of integrity and compliance.

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