The Global Foreign Exchange Committee (GFXC) has published the results from its third annual survey on the FX Global Code this Thursday, in preparation for the Committee to review the code.
The 2019 GFXC Survey on the Code measured the awareness, adoption, implementation, and effects of the FX Global Code for market participants. In addition to a section dedicated to gathering suggestions for the three-year review of the code, it also included two new focus areas: electronic trading and disclosures.
The feedback provided by people who responded to the survey will inform GFXC in its 2020 review of the Global FX Code. According to the statement published today by GFXC, the results gained from the survey suggested that awareness of the Code is still at high levels, and the majority of respondents believe that the Code has had a positive effect on the FX market.
Guy Debelle, Deputy Governor of RBA
Source: RBA
Commenting on the survey, Guy Debelle, Chair of the GFXC, said in the statement: "In preparing for our review of the Code, the GFXC has received input from right across the industry. The overall message is that the Code remains generally fit-for-purpose and that its guidance has contributed to better market functioning. There are however some areas for improvement and the feedback we have received has been valuable in prioritising our areas of focus."
In light of the responses from the survey, GFXC has updated its webpage to include frequently-asked-questions (FAQs) about the Code. Furthermore, the Committee has provided case studies of Buy-Side firms that have adopted the Code, to show how they implemented the Code and more.
GFXC responds to BIS Committee recommendations
As Finance Magnates reported, the Bank for International Settlements' (BIS) Markets Committee published its own recommendations to GFXC this Thursday. Namely, the Committee called for the Code to be strengthened.
In response to the recommendations, the statement released today said: “The GFXC also acknowledged the open letter it received from the Bank for International Settlements' (BIS) Markets Committee, setting out the recommendations from their assessment of the Code's effectiveness. These recommendations will also inform the work of the Committee in 2020, particularly the three-year review.”
