On 28 September 2017, the Hong Kong Monetary Authority (HKMA) issued a circular on the Global Code of Conduct Standards and Practices for the Wholesale Foreign Exchange Market (the FX Global Code).
The circular notes that the Hong Kong Treasury Markets Association (TMA) has incorporated the FX Global Code into its Code of Conduct. In accordance with HKMA Supervisory Policy Manual module CG-6 “Competence and Ethical Behaviour”, the HKMA now expects all authorized institutions to take appropriate steps to:
- review their practices in light of the FX Global Code and ensure that they maintain adequate systems of control to support their observance of the FX Global Code; and
- demonstrate such status by issuing and providing to the TMA he Statement of Commitment which is annexed to the FX Global Code.