Foreign Exchange Global Code of Conduct

On 25 May 2017, the European System of Central Banks (ESCB)[1]welcomed the publication of the Foreign Exchange Global Code of Conduct (“the Code”). The ESCB central banks are strongly committed to supporting and promoting adherence to the Code in their jurisdictions, which together play a key role in the global FX market.

The ESCB’s full press release relating to the Code is available at:

The full FX Code of Conduct is available here: 

The Central Bank of Ireland, as a member of the Eurosystem, and the broader ESCB is committed in adhering to the principles of the Code. The Central Bank will implement the Code throughout all FX related activities, and we expect an equivalent level of commitment from our regular FX counterparties. The Central Bank encourages FX market participants in the Irish jurisdiction to evolve their practices in such a way that they are consistent with the principles of the Code and to demonstrate their commitment by endorsing the Statement of Commitment annexed to the Code. The Central Bank looks forward to witnessing the evolution of practices accordingly.

[1] The ESCB comprises the ECB and the national central banks (NCBs) of all EU Member States whether they have adopted the euro or not.