The FCA welcomes today’s publication of the FX Global Code[1]. As we set out in our Mission, standards can be a useful way for the industry to police itself in support of our regulatory work and can help firms to communicate expectations of individuals when linked to the Senior Managers and Certification Regime.
We expect firms, Senior Managers, certified individuals and other relevant persons to take responsibility for and be able to demonstrate their own adherence with standards of market conduct. Our supervision of the SMCR rules supports this.
Firms have already begun work to ensure their FX businesses satisfy the principles of the FX Global Code. Firms can help to promote the wide adoption of the Code by expecting their FX counterparties also take steps to adhere to the Code as it applies to them.