Bank of Russia recognises FX Global Code of Conduct

The Bank of Russia announced it has recognised the principles of the FX Global Code of Conduct after comparing the code provisions, the norms of the legislation of the Russian Federation, and its own business processes.

The FX Global Code of Conduct was formulated by a working group of the Bank for International Settlements in Basel consisting representatives of central banks and market participants from 16 countries. The code of conduct sets global principles of good practice in the foreign exchange market.

The Bank of Russia has always been in its efforts to maintain a stable, liquid, open and transparent foreign exchange market in the Russian Federation, it also calls for complying with the FX Global Code. 

The Bank said: "Market participants can declare their intention to perform their activity in accordance with the Code principles by publishing a statement of commitment on their website."

"The Code does not impose legal or regulatory obligations on market participants, nor does it substitute for national standards or rules, but rather it is intended to serve as a supplement to local laws and regulations," added the Bank.