Foreign Exchange Global Code of Conduct

On 9 October 2025, the European System of Central Banks (ESCB)1 welcomed the latest update of the FX Global Code published in December 2024 and the publication of related guidance material. Initially published in 2017, the FX Global Code2 outlines global principles of good practice in the foreign exchange market, promoting integrity, effective functioning and high ethical standards. The Global Foreign Exchange Committee has updated the Code twice, in July 2021 and December 2024, to keep it relevant and aligned with the evolving 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 as they enable the smooth transmission of monetary policy to the real economy, ultimately benefiting the public at large.

Read the ESCB’s full press release relating to the Code.

Read the updated FX Global Code and a summary of the changes.

All members of the ESCB, including the Central Bank of Ireland, have renewed their Statements of Commitment to the Code. The ESCB are strongly committed to adhering to its principles when acting as foreign exchange market participants, aligning their internal practices and processes with the updated principles and supporting and promoting adherence to the Code. With these Statements of Commitment, they underscore the importance of the Code’s principles in ensuring the continued integrity and effective functioning of the foreign exchange market.

The Central Bank of Ireland, as a member of the Eurosystem, and the broader ESCB is committed in adhering to the principles of the Code. The Central Bank will implement the Code throughout all FX related activities, and we encourage an equivalent level of commitment from our FX counterparties. The Central Bank encourages foreign exchange market participants in the Irish jurisdiction to review the updated Code and renew their Statements of Commitment to support its objectives or endorse a Statement of Commitment as appropriate. The Central Bank looks forward to witnessing the evolution of practices accordingly.

By issuing this Statement, the Central Bank:

  • Demonstrates its continued commitment to adhering to the principles of the Code when acting as a foreign exchange market participant, while ensuring that its internal practices and processes are aligned with the principles of the Code.
  • Emphasises that the principles of the Code are important in promoting the integrity and effective functioning of the wholesale foreign exchange market.

Statement of Commitment

The Statement of Commitment is signed by the Central Bank’s Director of Financial Operations.

Central Bank of Ireland Statement of Commitment to the FX Global Code.

Queries

For queries related to the Code, please contact the Market Operations Desk, Financial Markets Division via email: [email protected].

[1] The ESCB comprises the ECB and the national central banks (NCBs) of all EU Member States.

[2] 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.