The European Banking Authority (EBA) welcomes the enhancement of the FX Global Code (the Code) and the publication of its May 2017 update. The objective of the Code is to promote a robust, fair, liquid, open, and transparent market underpinned by high ethical standards, which shall benefit all wholesale FX market participants. The Code's guidelines for responsible participation in the FX market are in line with the EBA's work aimed at fostering financial institutions' effective governance and enhanced consumer protection in all areas of financial products and services.
The Code has been developed by a working group made up of representatives from central banks and participants in FX markets. It is based on six leading principles: ethics, governance, execution, information sharing, risk management and compliance as well as the confirmation and settlement process.
The FX Global Code's May 2017 update can be found here