When the FX Global Code (Code) was launched in 2017, the Global Foreign Exchange Committee (GFXC) announced that it would undertake a review of the Code at least every three years, such that it would remain relevant and reflect evolving developments in the global FX market. The first review would take place in 2020.
The BIS Markets Committee (MC) was also asked by the Governors of the BIS Global Economy Meeting (GEM) to assess the effectiveness of the Code, with recommendations to be provided to the GFXC as input to its review of the Code. In this letter, key takeaways and recommendations from our assessment are shared.