ECB Leaves No One Behind, FX Global Code is Now Mandatory

Reuters reported that the European Central Bank (ECB) is calling on the currency pairs trading banks with which it collaborates to sign the new international Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term code of conduct.

The London Summit 2017 is coming, get involved!

The ECB is the latest financial entity to join the prominent central banks that are pressuring Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term banks to commit to the aforementioned code of conduct, following two years of work by industry officials around the world. Until now, the ECB expressed legal concerns, which translated to merely inviting its forex trading counterparts to sign the contract. At that stage in the process, certain central banks made the signing compulsory.

The ECB, however, had a change of heart and decided to join the other major banks that made the contract mandatory. Now all its foreign exchange (FXCG) members are required to commit to the code of conduct. According to Reuters, joint efforts by other central banks means that it is improbable that any major financial entity will operate outside of this framework.

ECB commented: "FXCG members will be required to demonstrate their institutions’ commitment to the FX Global Code, in line with the FXCG’s updated Terms of Reference.”

Federal Reserve, Reserve Bank of Australia Join ECB's Call to Sign Up

The FX Global Code launched in May after central bank representatives decided that nearly four years of price-rigging scandals had done enough damage to the financial market.

The Federal Reserve and the Reserve Bank of Australia joined the ECB in its demand that all financial institutions trading foreign exchange must sign up. Others, on the other hand, stated they were in need of more time in order to issue formal statements on the matter.

This week, IG Group signed up for the FX Global Code, and Invast announced that it will be holding a summit endorsing the contract at the O-Bar on level 47 of Australia Square.