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Westpac supports objectives of FX Global Code

25 May, 2017

 

 

Westpac has announced its support for the FX Global Code (Global Code) that will be officially launched at the Bank of England today in London (Thursday 25 May 9.00am BST and 6.00pm AEST). A Westpac senior executive has represented Australian market participants on this initiative since its inception in May 2015.

 

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 Westpac’s support for the objectives of the Global Code reflects its 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.

 

As Australia’s industry representative on the global Market Participants Group and Westpac’s Financial Markets, Head of Fixed Income, Currency & Commodities, Hugh Killen commended the work of Reserve Bank of Australia’s Deputy Governor Guy Debelle.

 

“In leading this internationally important initiative he has brought together 21 central banks and market participants from 16 jurisdictions representing the largest currency areas to collaborate proactively and unite the wholesale FX market under this common goal,” Mr Killen 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.