Chris Salmon: Securing success for the FX Global Code

Speech by Mr Chris Salmon, Executive Director for Markets of the Bank of England, at the TradeTech FX Europe, Barcelona, 12 September 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good morning, I am delighted to be here at TradeTech FX Europe.

Central banks have a deep and enduring interest in the effective functioning of markets.  We sit at the heart of our financial systems, supporting their smooth running through our operations, and in turn relying on them ourselves in fulfilling our mandates.  Our desire to promote effective financial markets manifests itself in many ways but we often act in a convening role - working together with the private sector to achieve the right outcome for the system as a whole.  This has been enduring feature of the Bank of England's activities, stretching back to some of our earliest efforts in the 1800s to marshal the resources of the City to rescue failing banks.  Collective central bank action has long been a feature too; for example, CLS - which many you in the audience today rely on to eliminate foreign exchange settlement risk - was created at the encouragement of central bankers.