The Hong Kong Monetary Authority (HKMA) issued today the renewed Statement of Commitment to the Foreign Exchange Global Code.

By renewing the Statement, the HKMA demonstrates its commitment to adhering to the Code when acting as a market participant in the Forex market, having regard to the publication of the updated Code by the Global Foreign Exchange Committee (GFXC) on 15 July 2021.

The Foreign Exchange Global Code is a set of global principles of good practice in the FX market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and market participants from various jurisdictions, including Hong Kong, and was first published in May 2017. The HKMA issued a Statement of Commitment in May 2018 to demonstrate its adherence to the Code.

The full statement by HKMA can be viewed below:

“The Hong Kong Monetary Authority (“HKMA”) has reviewed the content of the Foreign Exchange Global Code (“Code”) and acknowledges that the Code represents a set of principles generally recognised as good practice in the wholesale foreign exchange market (“FX Market”). The HKMA confirms that it acts as a Market Participant as defined by the Code, and is committed to conducting its FX Market activities (“Activities”) in a manner consistent with the principles of the Code. To this end, the HKMA has taken appropriate steps, based on the size and complexity of its Activities, and the nature of its engagement in the FX Market, to align its Activities with the principles of the Code”.