Over three years since it's launch in 2017 over 70% of the firms that have committed to the Global FX Code are banks, 688 out of 986 firms to be precise about it. Yet there are thousands of FX market participants to whom the code also applies. This must be good because the banks that have signed up operate globally and that meets the intention of the code - to be a global one - and to promote robust, fair, liquid, open and appropriately transparent [FX] market.
Many of those banks are carrying out refresher training and taking a fresh look at the controls they implemented when they first committed to the code a few years ago. But the rest of the market are still deciding whether they should commit. Having heard little about the code, if anything from their banks many of whom actively contributed bringing about the code in the first place, you can understand why there's not been a stampede.
This quiet surprises me. If your firm is able to commit to the code then you will have better FX operations, get to a level playing field between buy side and sell side, and, you'll have had some excellent discussions about risk around really challenging topics like pre-hedging. Those who do make the commitment are showing their clients and counterparties that they are an informed and responsible market participant. You should shout that from the roof tops.
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