Foreign Exchange Global Code of Conduct

On 15 February 2022, the European System of Central Banks (ESCB)[1]welcomed the July 2021 update of the FX Global Code and the publication of related guidance material. All members of the ESCB, including the Central Bank of Ireland, have renewed their Statements of Commitment to the Code. The ESCB are strongly committed to adhering to its principles when acting as foreign exchange market participants, to aligning their internal practices and processes with its updated principles and supporting and promoting adherence to the Code.

Read the ESCB’s full press release relating to the Code.

Read the updated FX Global Code and a summary of the changes.

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 encourage an equivalent level of commitment from our FX counterparties. The Central Bank encourages foreign exchange market participants in the Irish jurisdiction to review the updated Code and renew their Statements of Commitment, or endorse a Statement of Commitment as appropriate. The Central Bank looks forward to witnessing the evolution of practices accordingly.

By issuing this Statement, the Central Bank:

• demonstrates its continued commitment to adhering to the principles of the Code when acting as a foreign exchange market participant, while ensuring that its internal practices and processes are aligned with the principles of the Code.
• emphasises that the principles of the Code are important in promoting the integrity and effective functioning of the wholesale foreign exchange market.

Statement of Commitment

The Statement of Commitment is signed by the Central Bank’s Director of Financial Operations.

Queries

For queries related to the Code, please contact the Market Operations Desk, Financial Markets Division via email: [email protected].

 [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.