15 February 2022
All members of the European System of Central Banks (ESCB) are committed to supporting and promoting adherence to the Foreign Exchange Global Code (the 'Code'). The Code was first published in 2017. At the time, Danmarks Nationalbank published a statement of commitment to adhere to the Code.
The Code was updated by the Global Foreign Exchange Committee in July 2021 to keep it relevant and aligned with the ongoing evolution of the foreign exchange market. The Code thus continues to set the standard for good market practice in the foreign exchange market.
Well-functioning financial markets benefit all market participants and are important to central banks because they ensure the smooth transmission of monetary policy to the real economy. This ultimately benefits the public at large.
Today all members of the ESCB, including Danmarks Nationalbank, have issued renewed Statements of Commitment to the Code. By renewing these Statements of Commitment, the ESCB central banks demonstrate their commitment to adhere to the principles of the Code when acting as foreign exchange market participants and that they ensure that their internal practices and processes are in accordance with the principles of the Code. With these Statements of Commitment, they emphasise that the principles of the Code are important in ensuring the continued integrity and effective functioning of the foreign exchange market. The ESCB central banks, including Danmarks Nationalbank, encourage all participants in the foreign exchange market to adhere to the Code.
Enquiries can be directed to press advisor Ole Mikkelsen on tel. +45 3363 6027.
Note: The ESCB central banks comprise the ECB and the national central banks of all EU Member States regardless of whether they are part of the euro area.