FCA recognises UK Money Markets codes
26 June 2019 London
Image: Shutterstock
The Financial Conduct Authority (FCA) has formally recognised both the voluntary foreign exchange (FX) Global and UK Money Market Codes of the Bank of England.
The FCA’s codes recognition scheme is applicable to codes relating to unregulated financial markets and activities.
The FX Global Code, upheld by the Global Foreign Exchange Committee, establishes international good practice standards in FX markets, while the UK Money Markets Code is upheld by the Money Markets Committee and sets industry standards for UK deposit, repo and securities lending markets.
Formal recognition from the FCA means that the codes can be embedded in the Senior Managers and Certification Regime, which requires market participants to meet a universal standard of market conduct.
Andrew Hauser, executive director, markets, Bank of England, commented: “I welcome the FCA’s decision to recognise the codes. The desire of market participants to embrace best practice is shown by how widely adoption has spread.”
He continued: “With the Senior Managers’ Regime expanding in scope from December 2019, recognition of these codes by the FCA provides another, wholly positive, reason for those who haven’t yet signed up to do so—helping to build trust in financial markets, enhance corporate governance and empower your own business.”
The FCA’s codes recognition scheme is applicable to codes relating to unregulated financial markets and activities.
The FX Global Code, upheld by the Global Foreign Exchange Committee, establishes international good practice standards in FX markets, while the UK Money Markets Code is upheld by the Money Markets Committee and sets industry standards for UK deposit, repo and securities lending markets.
Formal recognition from the FCA means that the codes can be embedded in the Senior Managers and Certification Regime, which requires market participants to meet a universal standard of market conduct.
Andrew Hauser, executive director, markets, Bank of England, commented: “I welcome the FCA’s decision to recognise the codes. The desire of market participants to embrace best practice is shown by how widely adoption has spread.”
He continued: “With the Senior Managers’ Regime expanding in scope from December 2019, recognition of these codes by the FCA provides another, wholly positive, reason for those who haven’t yet signed up to do so—helping to build trust in financial markets, enhance corporate governance and empower your own business.”
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