Hong Kong Monetary Authority Reaffirms Commitment to FX Global Code

The Hong Kong Monetary Authority (HKMA) has reaffirmed its dedication to the FX Global Code by issuing a renewed Statement of Commitment, according to Hong Kong Monetary Authority. The statement underscores HKMA’s commitment to adhering to the principles outlined in the Code, particularly in light of the December 2024 updates by the Global Foreign Exchange Committee (GFXC).

FX Global Code Overview

The FX Global Code is a comprehensive set of guidelines aimed at promoting integrity and effective functioning in the wholesale foreign exchange (FX) market. It was originally developed by a coalition of central banks and market participants from various jurisdictions, including Hong Kong. Initially published in May 2017, the Code has undergone revisions, with significant updates in July 2021 and December 2024.

HKMA’s Commitment History

The HKMA first issued its Statement of Commitment to the FX Global Code in May 2018. This commitment was renewed in July 2022 to align with ongoing updates to the Code. The latest renewal continues this tradition, demonstrating the HKMA’s proactive approach to ensuring that its operations as a market participant are in line with global best practices.

Collaboration and Future Outlook

The HKMA remains actively engaged with the GFXC and other member institutions to promote widespread adherence to the FX Global Code. This collaboration is pivotal in maintaining a robust and ethical global FX market. More information about the latest version of the Code and the GFXC’s activities can be found on the official GFXC website.

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