On 4 October 2018, the Global Foreign Exchange Committee (GFXC) provided an update on its activities. Among other things, the GFXC has launched a new survey seeking to measure awareness and adoption of the FX Global Code (Code) among market participants.
The GFXC also provides an update on the working groups it established to focus on four priority areas:
- Cover and deal working group. The working group is drafting a summary highlighting how the Code’s good practice recommendations may apply in the context of cover and deal arrangements with a particular focus on disclosures;
- Disclosures working group. The group is drafting a list of questions and/or characteristics to serve as a voluntary reference tool for market participants who are developing, receiving, or reviewing disclosure documents;
- Buy-side outreach working group. The group is working to articulate the benefits and challenges related to adopting the Code; and
- Embedding the Code working group. The group has focused its initial efforts on developing the above mentioned survey.
The GFXC will consider the results of its survey at its next meeting, which will take place on 29-30 November 2018 in Paris.