The National Bank of Ukraine (NBU) has officially confirmed its commitment to international foreign exchange market standards by signing the Statement of Commitment to the FX Global Code. This step demonstrates the regulator’s desire to adhere to the highest ethical and professional principles in the field of foreign exchange operations.
This is reported by Finway
Key Principles and International Experience
The FX Global Code, the latest version of which was updated in December 2024, contains 55 guiding principles. They are grouped into key categories: ethics, governance and execution of transactions, information sharing, risk management and compliance, as well as confirmation and settlement. The Code does not replace national legislation but complements it by implementing modern benchmark practices in the foreign exchange market.
Raising Standards for Market Participants
NBU Chairman Andriy Pyshnyy emphasized that prior to signing the document, Ukraine actively adopted the experience of leading financial institutions worldwide, including the Bank of England and the German Bundesbank. The Ukrainian regulator expects that signing the Statement will encourage the country’s financial sector to engage in the initiative and implement the principles of the Code in their activities.
“The National Bank, by its own example, calls on its counterparties and all market participants to adhere to the principles of the FX Global Code to ensure a fair, transparent, and resilient foreign exchange market,” emphasized the head of the NBU.
Currently, over 1500 participants in the foreign exchange markets have already joined the Global Code, including the European Central Bank, the Bank for International Settlements, and 56 central banks worldwide. This indicates the global scale of the initiative and its importance for the stability of the financial system.
Earlier, the NBU also updated the rules for working with payment cards and online payments to enhance the transparency of payment operations and combat money laundering.