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Payments General

SWIFT to endorse FX Global Code

Friday 26 May 2017 | 02:19 PM CET

Swift has announced its support for the FX Global Code issued by the Bank for International Settlement (BIS), and its alignment with the Code’s global principles.

The FX Global Code (Code), a set of global principles of good practice in the foreign exchange market, has been developed by a partnership of central banks and market participants. It provides a common set of guidelines in order to promote the integrity and effective functioning of the wholesale foreign exchange market. The Code is expected to be adopted across the entire FX market, including the sell-side, buy-side, non-bank participants and platforms.

SWIFT has also published an analysis aimed at identifying the sections of the FX Global Code that are relevant for the use of SWIFT services.

Furthermore, the BIS created the Statement of Commitment, a draft in which companies can demonstrate their adherence to the Code, in order to ease the joining process.

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