The Commonwealth Bank today confirms its strong support for the FX Global Code of Conduct (Global Code) published earlier this year in London. The Global Code is a set of principles that guides good practice and effective functioning of the wholesale foreign exchange market.
The Global Code was developed by central banks and market participants from 16 jurisdictions around the globe under the leadership of RBA Deputy Governor Guy Debelle.
Commonwealth Bank Executive General Manager Global Markets, Andrew Hinchliff, said: “Commonwealth Bank is committed to best practice and strong oversight of the FX Market. The Global Code promotes robust, liquid and open currency markets globally.”
“Over the last four years, Commonwealth Bank has taken significant steps to enhance policies and processes in our FX business. We will continue to evolve our FX practices in order to be consistent with the principles of the Global Code, which will increase confidence in the wider FX market and strengthen trust between market participants and clients.”
The Bank intends to make a formal Statement of Commitment to the Global Code with the aim to do so by year-end. Adherence to the code will apply to the Commonwealth Bank’s Global Markets and wholesale Treasury businesses globally.