Foreign Exchange Global Code of Conduct

On 25 May 2017, the European System of Central Banks (ESCB)[1]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.

Read the ESCB’s full press release relating to the Code.

Read the full FX Code of Conduct.

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.

On 29 November 2017, the Central Bank of Ireland and 14 other ESCB central banks* simultaneously issued Statements of Commitment (“Statement”) demonstrating adherence to the principles of the Code.
By issuing this Statement, the Central Bank:

  • demonstrates that it is committed to adhering to the principles of the Code when acting as a foreign exchange market participant and ensuring that its internal practices and processes are aligned with the principles of the Code.
  • emphasises that the principles of the Code are important in promoting the integrity and effective functioning of the wholesale foreign exchange market.

To ultimately achieve the objective of the Code, the Central Bank also encourages all foreign exchange market participants to adhere to the Code.

Statement of Commitment

The Statement of Commitment is signed by the Central Bank’s Director of Financial Operations.

Central Bank of Ireland Statement of Commitment to the FX Global Code | pdf 240 KB

Queries

For queries related to the Code, please contact the Market Operations Desk, Financial Markets Division via email: modesk@centralbank.ie or via phone: +353 (0)1 224 6377.

 


[1] The ESCB comprises the ECB and the national central banks (NCBs) of all EU Member States whether they have adopted the euro or not.

*The ESCB central banks that issued Statements of Commitment on 29 November 2017 are Nationale Bank van België/Banque Nationale de Belgique, Danmarks Nationalbank, Deutsche Bundesbank, Eesti Pank, Central Bank of Ireland, Banca d’Italia, Latvijas Banka, Lietuvos bankas, Banque centrale du Luxembourg, Magyar Nemzeti Bank, De Nederlandsche Bank, Banco de Portugal, Suomen Pankki – Finlands Bank, Sveriges Riksbank and the European Central Bank. Other ESCB central banks are expected to follow in due course.