News release
The Bank of England has renewed its Statement of Commitment to the FX Global Code (‘Code’) based on the revised Code dated December 2024. The Code sets out principles of good practice in the foreign exchange (FX) market. It was first published in 2017 and has been updated twice by the Global Foreign Exchange Committee (GFXC), in July 2021 and December 2024. By signing this Statement, the Bank of England attests that its internal processes are consistent with the principles of the Code.
To continue to support the objective of the Code for a fair, transparent and robust FX market underpinned by high standards, the Bank of England strongly encourages all FX market participants, including its counterparties, to adhere and commit to the updated Code.
Bank of England statement of commitment
Notes
Development of the FX Global Code was facilitated by the Foreign Exchange Working Group (FXWG), which operated under the auspices of the BIS Markets Committee.
The FX Global Code, first published in 2017 and updated in July 2021 and December 2024, outlines the principles of good practice for all FX market participants to promote the integrity and effective functioning of the wholesale FX market. The Code is maintained and updated by the Global Foreign Exchange Committee.