SWIFT services fully aligned with principles of the FX Global Code
Brussels, 25 May 2017 – SWIFT announces its full support of the FX Global Code issued today by the Bank for International Settlements (BIS), and confirms alignment between SWIFT services and the FX Global Code. SWIFT customers can therefore be confident that their FX market activities are fully aligned with the principles of the Code.
In May 2017, BIS issued the FX Global Code (Code), which is a set of global principles of good practice in the foreign exchange market. It has been developed by a partnership of central banks and market participants from 16 jurisdictions to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. The Code is expected to be adopted across the entire FX market, including the sell-side, buy-side, non-bank participants and platforms.
In addition, the BIS has provided a draft Statement of Commitment for firms to publicly demonstrate their adherence to the Code as it is believed that firms are more likely to adhere to the Code if their peers are doing so too. To help market participants make a Statement of Commitment SWIFT has published an analysis that identifies those sections of the FX Global Code relevant for the use of SWIFT services. Detailed information can be found here.
Stephen Lindsay, Head of Standards at SWIFT commented, “SWIFT welcomes and strongly supports the launch of the FX Global Code as we believe it will strengthen the integrity and effectiveness of the wholesale foreign exchange market. SWIFT has been a core part of the FX market for many years now and the services we provide are fully aligned with the intentions of the FX Global Code. We are very pleased to help support compliance with the Code.”
SWIFT welcomes and strongly supports the launch of the FX Global Code as we believe it will strengthen the integrity and effectiveness of the wholesale foreign exchange market.
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world. As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
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