On 23 June 2025, the Bank of England (BoE) issued a statement of commitment regarding the FX Global Code (Code) which was updated last December.  

The Code sets out principles of good practice in the wholesale foreign exchange market which serves as a high-level reference for market participants when conducting business and developing or reviewing internal procedures in the foreign exchange market. The revisions to the Code included strengthening the Code’s guidance on settlement risk, transparency, and the use of data on electronic trading platforms.

The BoE confirms that it acts as a market participant as defined by the Code and is committed to conducting its market activities in a manner consistent with the principles of the Code. It has taken appropriate steps, based on the size and complexity of its market activities, and the nature of its engagement in the foreign exchange market, to align its market activities with the principles of the Code.