On 9 October 2024, the Global Foreign Exchange Committee (GFXC) announced that it was seeking feedback proposals arising from its Three-Year Review of the FX Global Code (the Code).
The proposals include amendments to five of the Code’s fifty-five principles which are intended to clarify market participants’ responsibility to mitigate FX settlement risk, and to enhance market transparency on FX transactions and the use of FX data. The GFXC is also proposing to amend the Disclosure Cover Sheets for Liquidity Providers and Platforms. These proposes focus on data disclosures.
Next steps
The deadline for comments on the proposals is 25 October 2024.
The proposals will then be finalised and reviewed by the local FX committees for approval by the GFXC at its meeting in December 2024.
The revised Code will be published at the end of the year, followed thereafter by the updated Disclosure Cover Sheets.