Foreign Exchange Global Code of Conduct
On 25 May 2017, the European System of Central Banks (ESCB)welcomed the publication of the Foreign
Exchange Global Code of Conduct (“the Code”). The ESCB central banks are
strongly committed to supporting and promoting adherence to the Code in their
jurisdictions, which together play a key role in the global FX market.
The ESCB’s full press release relating to the Code is
available at: http://www.ecb.europa.eu/press/pr/date/2017/html/ecb.pr170525.en.html
The full FX Code of Conduct is available here: www.globalfxc.org
The Central Bank of Ireland, as a member of the Eurosystem,
and the broader ESCB is committed in adhering to the principles of the Code.
The Central Bank will implement the Code throughout all FX related activities,
and we expect an equivalent level of commitment from our regular FX
counterparties. The Central Bank encourages FX market participants in the Irish
jurisdiction to evolve their practices in such a way that they are consistent
with the principles of the Code and to demonstrate their commitment by
endorsing the Statement of Commitment annexed to the Code. The Central Bank
looks forward to witnessing the evolution of practices accordingly.