Foreign exchange code due in 2017: RBA

A new global foreign exchange code, laying out practices that are acceptable to foster transparency, is due to be release in May 2017, the RBA says.

The Reserve Bank expects the first global code for the foreign exchange market to be introduced in 2017.

RBA assistant governor for the financial market Guy Debelle says the code, which aims to lay out which practices are acceptable to foster transparency in currency markets, is being drafted by the world's central banks ahead of its release in May 2017.

"For the code to be effective and for it to achieve what we want it to achieve, it will need to be accepted and endorsed by the FXCs (Foreign Exchange Committees) and market participants more generally," he said in a speech in Sydney on Thursday.

"That said, the process does not really end because, as the foreign exchange market continues to evolve, the code will need to evolve with it."

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Published 17 March 2016 at 8:47am
Source: AAP