Cecabank adheres to the FX Global Code
22 March 2019
Cecabank adheres to the FX Global Code, an initiative that aims to promote the integrity and effective functioning of the foreign currencies market at a global level, through a common set of guidelines for all those working in the international currencies market. Specifically, the code includes 55 principles which it hopes will contribute to establishing a robust, liquid, open, and transparent market, to give all participants working in the area a secure and effective setting in which to carry out transactions.
Adherence to the voluntary code entails Cecabank's commitment to principles that help to improve already existing standards in the financial sector, with the collaboration of participants in the international currency market.
By doing so, Cecabank is reinforcing its commitment to good practice, and the highest standards of transparency and quality at a global level. It joins other financial organisations who have already committed to the code, such as the Bank of Spain and central banks from several world economies. In total more than a hundred public and private institutions have already shown their commitment to the code, which was approved in May 2017.
The Global Code was developed in a partnership between central market banks and market participants from 16 jurisdictions across the world. The Global Foreign Exchange Committee (GFXC) was set up to promote it, which includes central banks and private sector participants, and aims to create a strong and transparent market.