Cecabank adheres to the FX Global Code
22 March 2019
Cecabank has adhered to the Global Code of Conduct for Foreign Exchange Markets (FX Global Code). The initiative seeks to promote the integrity and effective functioning of the global currency market through a common guide for all players in the international currency market. This code includes 55 principles that aim to contribute to establishing a robust, liquid, open and transparent market. All of this is intended to provide all participants with a safe and effective scenario in which to perform transactions.
Adherence to the code, which is voluntary, therefore shows Cecabank's commitment to principles that contribute to improving the standards already established in the financial sector.Also, its cooperation with the participants in the international foreign exchange market.
Cecabank has thus strengthened its commitment to good practice. The bank continues to strive for 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.