PRESS RELEASE
9 October 2025
European System of Central Banks renews Statements of
Commitment to FX Global Code
• European System of Central Banks publicly reaffirms commitment to updated FX Global Code
• Code promotes robust, fair, liquid, open and appropriately transparent foreign exchange market
• Code first published in 2017 and updated in December-2024
The European System of Central Banks (ESCB) welcomes the December 2024 update of the FX Global Code. The Code, which was initially published in 2017, is a set of global principles of good practice in the foreign exchange market developed to provide a common set of guidelines to the integrity and effective functioning of the wholesale foreign exchange market underpinned by high ethical standards. The Code has been updated twice by the Global Foreign Exchange Committee, in July 2021 and December 2024, to keep it relevant and aligned with the ongoing evolution of the foreign exchange market and will continue to set the standard for good market practice. 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 the European Central Bank (ECB), simultaneously issued renewed Statements of Commitment to the Code. This demonstrates their strong commitment to adhere to its principles when acting as foreign exchange market participants, to align their internal practices and processes with its updated principles, and to support and promote adherence to 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. To fully achieve the objective of the Code, the EU central banks also encourage all foreign exchange market participants in their jurisdictions to review the updated Code and renew their Statements of Commitment.
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Notes
• The FX Global Code and related adherence mechanism materials can be found on www.globalfxc.org. The Code was first published in 2017 and received the support of the ECB and ESCB national central banks.
• The ESCB comprises the ECB and the national central banks of all EU Member States.
