Foreign Exchange Global Code
The Riksbank observes the FX Global Code and expects the counterparties with which it conducts foreign exchange transactions to also follow the Global Code.
The FX Global Code was launched in May 2017 and updated in July 2021. It is the result of a collaboration between central banks and market participants from around the globe. The Global Code is maintained by the Global Foreign Exchange Committee (GFXC) (globalfxc.org).
The Riksbank expects that the counterparties with which it has foreign exchange transactions to demonstrate their adherence to the Global Code by showing a signed "Statement of Commitment".
New counterparties aiming to conduct foreign exchange transactions with the Riksbank must certify their adherence to the Global Code before transactions can be executed.
The Global Code is important for efficient functioning and good practices on the FX market
The Riksbank is one of many participants on the foreign exchange (FX) market that have chosen to follow the six leading principles of the Global Code: ethics, governance, information sharing, execution, risk management and compliance, and confirmation and settlement processes.
The Global Code states the importance of promoting efficient functioning and good practices on the wholesale foreign exchange market. The Riksbank therefore encourages all participants in the Scandinavian FX Markets to observe the Global Code.