The FX Global Code and the China FX Code
To promote the integrity and effective functioning of the wholesale FX market, the Global Foreign Exchange Committee (“GFXC”) published the FX Global Code (“Global Code”) in May 2017 to provide a single set of global principles of good practice for the FX market. Market participants could sign the Statement of Commitment (“Statement”) to demonstrate their recognition of, and commitment to adopting the good practices set forth in the Global Code.As one of the GFXC members, the China FX Committee (“CFXC”), along with the Self-Regulatory Framework, developed the China FX Code (“China Code”) based on the principles of the Global Code, taking into account of the prevailing practices in China’s FX market. The China Code is more detailed and complementary compared with the Global Code, which may facilitate the implementation of China’s market participants. Market participants in China’s FX market are encouraged to adopt both the Global Code and the China...