UK online trading leader IG Group Holdings plc (LON:IGG) announced that has signed up to the FX Global Code of Conduct. The Code is a set of global principles of good practice in the foreign exchange market. It was created by the Global Foreign Exchange Committee which is comprised of central banks and private sector participants across 16 countries.
The code has taken over two years to draw up and it aims to promote a robust, fair, liquid, open and appropriately transparent global FX marketplace. The code contains 55 principles covering areas including ethics, transparency, governance and information sharing.
The new Code of Conduct was coordinated and formally issued by the Basel-based Bank for International Settlements (BIS) and was no surprise because already a year ago the BIS stated what will be in it. Commentary by a variety of FX industry participants on the Code can be seen here.
To show its level of support for this initiative IG Group is going beyond the statement of commitment. To that end the group is publishing a full disclosure statement which provides further insight into IG’s business model, the regulatory licences we hold across the world, the counter party brokers we use and client leverage. This disclosure relates to all asset classes at IG, not just FX.
Peter Hetherington, Chief Executive Officer at IG Group, commented:
This disclosure illustrates how the fundamentals of our business model promote a culture of putting our clients first. We are pleased to be supporting this global initiative. At IG we are proud of our track record of compliance and our focus of fair client outcomes. We try to do what is right, not just what is possible under the rules. I welcome any initiative aimed at improving the understanding of, and the trust in, our product, and which promotes greater transparency in the financial sector for the benefit of the end consumer and all market participants.