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Market Participants are expected to behave in an
ethical and professional manner to promote the
fairness and integrity of the FX Market.
The ethical and professional behavior of Market Participants
underpins the fairness and integrity of the FX Market. The exercise of
judgement is central to acting ethically and professionally, and Market
Participants (meaning both firms and their personnel) should
be guided in doing so by the high-level principles below, both when
applying the specific guidance in the Global Code and at all times
when participating in the FX Market.



All FBA members adhere to the highest ethical standards in doing business. We respect and follow a zero tolerance to corruption policy.

We promote fair and transparent competition, respect intellectual and other property rights. We encourage compliance with the rule of law at all times.

We respect and promote fair, open and meaningful relationships between business and the government and between our members.


People are our greatest asset – we say it often and with good reason. We care for people. We have a burning passion for talent. We respect human rights, health, safety and equal opportunities at work.

We do our best to protect our members’ interests – individual or collective – on the highest nation-wide scale. We nurture meaningful relations with the government to assure our members are protected and safeguarded.

We are smart and proactive. Every single day we think creatively to turn ideas into tangible results.


The Code

This set of global principles of good practice in the foreign exchange market (Global
Code) has been developed to provide a common set of guidelines to promote the integrity
and effective functioning of the wholesale foreign exchange market (FX Market).1
It is intended to promote a robust, fair, liquid, open, and appropriately transparent
market in which a diverse set of Market Participants, supported by resilient infrastrucavailable
market information and in a manner that conforms to acceptable standards
of behaviour.
The Global Code does not impose legal or regulatory obligations on Market Participants
nor does it substitute for regulation, but rather it is intended to serve as a supplement to any
and all local laws, rules, and regulation by identifying global good practices and processes.


Frequently Asked Questions 

To Whom Does the FX Global Code Apply?
The FX Market features a diverse set of participants who engage in the market in different
ways and across various FX products. The Global Code is written with this diversity
in mind and is expected to apply to all FX Market Participants that engage in the FX
Markets, including sell-side and buy-side entities, non-bank liquidity providers, operators
of E-Trading Platforms, and other entities providing brokerage, execution, and
the diversity of the market, the Global Code is intended to establish a common set of
guidelines for responsible participation in the market.

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