Bank of Russia joins FX Global Code

The Bank of Russia has announced that it is committed to the principles of the FX Global Code after comparing the code provisions, the norms of the legislation of the Russian Federation, and its own business processes.

The FX Global Code 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. It is a set of global principles of good practice in the foreign exchange market.

In its efforts to maintain a stable, liquid, open and transparent foreign exchange market in the Russian Federation, the Bank of Russia also calls for adherence to the FX Global Code. Market participants can declare their intention to perform their activity in accordance with the Code principles by publishing a statement of commitment on their website.

The Code does not impose legal or regulatory obligations on market participants, nor does it substitute for national standards or rules, but rather it is intended to serve as a supplement to local laws and regulations.

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