Adherence to the FX Global Code

FX Global Code (FXGC) is a set of global principles of good practice in the foreign exchange (FX) market, developed by a partnership between central banks and market participants from twenty jurisdictions around the globe. First launched in 2017, FXGC is aimed at promoting a robust, fair, liquid, open, and appropriately transparent market, which empowers a diverse array of participants to transact confidently and effectively. By ensuring competitive pricing and adherence to high standards of conduct, FXGC transforms the way the domestic FX markets operate.

The fifty-five principles of FXGC, which encompass the global best practices and processes in the areas of ethics, governance, execution of transactions, information sharing, risk management, compliance, and confirmation and settlement of transactions, are intended to complement, rather than replacing, existing local laws, regulations, and rules.

The Statement of Commitment of the CBSL can be viewed via the below web link.

The Statement of Commitment of the CBSL

The Statements of Commitment, by which all Licensed Commercial Banks and National Savings Bank demonstrate the recognition of, and commitment to adopting the good practices set forth in FXGC, are publicly available on their respective websites. The public register maintained for market participants in the Sri Lankan domestic FX market who have stated their commitment to FXGC can be viewed on the Sri Lanka Forex Association website via the web link  https://srilankaforex.org/market-participants.php