Commonwealth Bank has officially signed the FX Global Code (Global Code) Statement of Commitment, with respect to its wholesale Treasury and Global Markets foreign exchange businesses globally. 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.
The bank has reviewed the content of the Global Code and acknowledges that it represents a set of principles generally recognised as good practice in the wholesale foreign exchange market.
Commonwealth Bank Executive General Manager Global Markets, Andrew Hinchliff said “As a signatory to the Global Code, Commonwealth Bank is demonstrating our commitment to best practice within the FX Market.
“We believe the Global Code will increase confidence within the wider FX market and further strengthen trust between market participants and clients.
“We have taken steps to ensure our practices in Global Markets & Treasury are aligned with those detailed within the Global Code and to strengthen the policies and controls in our FX business. As time goes on, we will continue to evolve our FX business in line with the principles of the Global Code,” Mr Hinchliff said.