Bank of Russia publishes official Russian translation of FX Global Code

The purpose of the FX Global Code is to promote a robust, fair, liquid, open, and transparent market.

This document is a set of global principles of good practice in the foreign exchange market. It was developed by a working group of the Bank for International Settlements in Basel comprising representatives of central banks and market participants from 16 countries.

The FX Global Code does not impose legal or regulatory obligations on market participants, nor does it substitute the existing national standards or rules. It is intended to serve as a supplement to any local laws and regulations.

The Bank of Russia believes that this document will help professional market participants to improve their good practices and will be used as the basis for further development of the corresponding national standards. It is assumed that the joint FX market board, which is being established by professional market participants with the support of the Bank of Russia, could become the forum for their discussion. The FX Global Code is organised around six leading principles based on an approach to financial market regulation in accordance with the standards of professional ethics.

The official translation of the FX Global Code was prepared by the Bank of Russia in cooperation with the regional non-governmental association of professional market participants ACI Russia — The Financial Markets Association.