The Foreign Exchange Professionals Association (FXPA) is in full support of the first phase of the Global Code of Conduct for the Foreign Exchange Market, which was published this morning following a meeting of the Global Foreign Exchange Committees in New York.

“The Foreign Exchange Professionals Association (FXPA) praises the global coordination and work of the Bank for International Settlements’ Foreign Exchange Working Group in strengthening global standards for those operating in the FX market. This has been an enormous undertaking, done at a tremendous pace, and FXPA welcomes today’s release of the Global Code and will support the adoption of its principles,” says FXPA in a statement.

According to the Bank for International Settlements (BIS), the Foreign Exchange Working Group (FXWG) was established to strengthen code of conduct standards and principles in FX markets. The working group, which operates under the auspices of the Markets Committee, is headed by Guy Debelle (Reserve Bank of Australia), Chairman of the Markets Committee.