Australia leads the way with the FX Global Code of Conduct

Dr Debelle emphasised that the code is principle-based rather than rules-based so that market participants consider whether their actions are consistent with the code – rather than attempting to navigate around defined rules.

Last Tuesday, Australia led the way when over 65 senior finance industry executives from around the world attended an exclusive event hosted by non-bank prime services provider, Invast Global, to promote the recent launch of the FX Global Code of Conduct Special guest for the evening was Dr Guy Debelle, Deputy Governor of the Reserve Bank of Australia.

Dr Debelle has been instrumental throughout the two years of the code being established through his role as Chairman of the BIS Markets Committee for the majority of the period. He worked closely with representatives from the central bank and private sector from all the 16 largest FX centres in the world.

Speaking from the private Salon Prive at O-Bar Dining, Dr Debelle discussed the importance of the code in restoring confidence and trust in the wholesale FX market and promoting its effective functioning with greater transparency.

Dr Debelle emphasised that the code is principle-based rather than rules-based so that market participants consider whether their actions are consistent with the code – rather than attempting to navigate around defined rules.

Importantly the code is both a single code for the whole industry as well as a global code.

Gavin White, CEO of Invast Global commented: ‘We are extremely proud to be assisting with the promotion of the FX Global Code of Conduct. The strength of industry participation and interest in this event is testament to the relevance and truly global nature of the code.’

An intimate opportunity for networking followed the key note speech. Guests included leading executives from financial regulators, major global bank and non-bank liquidity providers, electronic trading technology firms, bank prime brokers, global exchanges, sovereign wealth and pension funds alongside industry bodies.

‘The FX Global Code of Conduct is a key development for the FX market and it was our pleasure to host the most senior figures in the industry and assist in ensuring that this initiative remains front of mind for key industry participants’, White added

Image: Andrew Saks-McLeod speaks to Invast Global CEO Gavin White and Director of Institutional Sales Geoff Last at the company’s headquarters in Sydney, Australia

Read this next

Industry News

The B2Broker B2Core REST API Is Now Live

B2Broker has announced the release of its new REST API, which lets customers use B2Broker’s solutions and services for business purposes.

Executive Moves

CME Group taps Paul Woolman to lead Equity Index, Giovanni Vicioso to lead Crypto

“Our equity and cryptocurrency businesses have experienced tremendous growth in recent years, underpinned by strong customer adoption and continued innovation.”

Technology

Sumsub launches document-free KYC for users in India, Brazil, Nigeria and Indonesia

Sumsub has launched one click-KYC for users in India, Brazil, Nigeria and Indonesia in a move that allows businesses to instantly onboard over 2 billion users without requesting their ID documents.

Digital Assets

Cboe becomes first major global exchange operator on DeFi data platform, Pyth Network

“Our participation in the Pyth network will provide another avenue to broaden customer access to our data, and aligns with our strategy to deliver market data to investors around the globe based on how they want to consume their data, whether through direct connectivity methods, the cloud or the blockchain.”

Industry News

FINRA fines Barclays Capital $2 million for best execution failures for 5 years

FINRA has fined Barclays Capital $2 million for failing to comply with its best execution obligations in connection with its customers’ electronic equity orders between January 2014 and February 2019. 

Digital Assets

SETL helps SWIFT, CSDs and custodians develop common framework for tokenisation systems

London-based enterprise DLT and blockchain company SETL has delivered a pilot project for SWIFT which implemented a common framework linking tokenisation systems between central security depositories (CSDs) and global custodians.

Digital Assets

Crypto volumes hit CHF 87.1 million at Switzerland exchange

Switzerland’s principal exchange has experienced a rebound in trading activities for September 2022, with monthly volumes increasing by more than 20 percent MoM.

Digital Assets

Bitcoin Suisse Vault taps Polkadot governance features

Bitcoin Suisse has added support for Polkadot protocol governance on its proprietary, hyper-secure cold storage solution, the Bitcoin Suisse Vault.

Retail FX

Finalto sweetens offering for African traders with localized FX pairs

Finalto, the financial trading division of Gopher Investments, announced today that it has extended its offering with inclusion of a number of African Pairs to its trading platforms.

<