Landsbankinn commits to the FX Global Code
Landsbankinn has signed a Statement of Commitment to the FX Global Code, a set of principles of good practice for foreign exchange. The Code is intended to foster trust, fairness and appropriate transparency in the FX market.
The Code is based on the efforts of the Foreign Exchange Working Group of the Bank for International Settlements in Basel, Switzerland. The FEWG was composed of representatives from the world’s main central banks as well as representatives from private sector market participants from 16 countries who participated in the development and implementation of the Code. The Code is considered an important milestone towards increasing trust and promoting the effective functioning of the global foreign exchange market. Since its ratification in 2017, many central banks, commercial banks and other private sector parties have stated their commitment to the Code.
Landsbankinn’s Statement of Commitment says that the Bank has familiarised itself with the Code and its guidelines and has undertaken necessary steps to adjust its operation to the Code.
The Central Bank of Iceland issued a similar Statement of Commitment in November of 2018 and encouraged its domestic counterparties to review the Code and make necessary changes to their operations, as needed. Not counting the Central Bank, Landsbankinn is the first market participant in Iceland to issue a Statement of Commitment.
Landsbankinn's Statement of Commitment
Further information about the FX Global Code