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
