Moscow Exchange (MOEX) announced its intention to adhere to the principles of the FX Global Code. The Code was developed through a partnership between central banks and market participants from 16 jurisdictions around the globe. The Code represents a set of principles generally recognised as good practice in the wholesale foreign exchange market. It covers six major areas – Ethics, Governance, Execution, Information Sharing, Risk Management and Compliance –as well as Confirmation and Settlement Processes.
Igor Marich, MOEX
Igor Marich, Managing Director of Money and Derivatives Markets at Moscow Exchange, said:
We are absolutely committed to the principles of the FX Global Code. Our adoption of the Code’s principles will givemarket participants greater confidence that Moscow Exchange, which operates the world’s largest RUB FX liquidity pool, fully adheres to global principles of good practice and promotes high ethical standards of business conduct. We expect this will encourage new international clients to join the MOEX FX Market and boost trading volumes.
The document is intended to serve as a supplement to local laws, rules and regulations by identifying global good practices and processes.
Many central banks, the world’s largest trading firms, liquidity providers and electronic trading platforms –including the European Central Bank, the Bank of Italy, CLS Bank, Thomson Reuters, Bloomberg, NEX Markets, Citi, BNP Paribas – have committed to the Code.
The Russian language translation of the FX Global Code was prepared by the Bank of Russia in cooperation with ACI Russia – The Financial Markets Association, the regional public association of financial market professionals.