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Westpac signs Statement of Commitment, FX Global Code

15 June, 2017

Westpac has announced its public support for the FX Global Code and signed the Code’s Statement of Commitment, with respect to its wholesale Treasury and Financial Markets businesses globally.

Becoming a signatory follows the official launch of the Code in London at the end of May  attended by a Westpac senior executive who represented Australian market participants on the initiative since its inception.

The Global Code is designed to promote the integrity and effective functioning of the wholesale foreign exchange (FX) market. It does not impose legal or regulatory obligations on market participants and is not a substitute for regulation.

Westpac General Manager Financial Markets Tony Masciantonio said becoming a signatory of the FX Global Code reflects the organisation’s role as an active member of the Bank for International Settlements (BIS) Market Participants Group.

“We have moved ahead on many of the best practice principles and taken steps to strengthen the policies and controls in our FX business over the last five years. We will continue to evolve our FX practices to be consistent with the principles of the Global Code,” Mr Masciantonio said.

“We are committed to promoting the Global Code to our counterparties and customers by sharing our learnings and best practice in support of the integrity and effectiveness of the FX market,” he said.