The Bank of Russia recommends that banks and non-bank financial institutions should consider the possibility of applying the FX Global Code principles in their activities. The Code was developed by the FX Working Group convened by the Bank for International Settlements.
This document is a set of global principles of good practice in the foreign exchange market.
By joining the Code, credit and non-bank financial institutions will contribute to developing an environment of trust in the Russian FX market and ensuring its stable functioning. Compliance with the principles of the Code in the global FX market improves a financial institution’s business reputation.
When implementing the principles of the Code, organisations should take into consideration the type and scale of their activities and remember that this document does not supersede effective regulations on foreign exchange.
Earlier, the Bank of Russia announced its commitment to the FX Global Code principles.
This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, please see the Source Link.