BNR issues Statement of Commitment to Foreign Exchange Global Code

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Romania’s National Bank (BNR) on Tuesday issued a Statement of Commitment to the Foreign Exchange Global Code, specifying that all central banks in the European System of Central Banks (ESCB) are strongly committed to supporting and promoting adherence to the Foreign Exchange Global Code.

“All central banks in the European System of Central Banks (ESCB) are strongly committed to supporting and promoting adherence to the Foreign Exchange Global Code (the “Code”). Today, 7 of the ESCB central banks, including the National Bank of Romania, simultaneously issued Statements of Commitment to the Code. 15 of the ESCB central banks issued Statements of Commitment to the Code in November 2017,” says a press release of the National Bank.

According to the same source, the remaining ESCB central banks will do so by May 2018. By issuing these statements, these ESCB central banks demonstrate that they are committed to adhering to the principles of the Code when acting as foreign exchange market participants and ensuring that their internal practices and processes are aligned with the principles of the Code. With these Statements of Commitment, they emphasize that the principles of the Code are important in promoting the integrity and effective functioning of the wholesale foreign exchange market. To ultimately achieve the objective of the Code, the ESCB central banks also encourage all foreign exchange market participants to adhere to it.

“The National Bank of Romania (“Institution”) has reviewed the content of the FX Global Code (“Code”) and acknowledges that the Code represents a set of principles generally recognized as good practice in the wholesale foreign exchange market (“FX Market”).The Institution confirms that it acts as a Market Participant as defined by the Code, and is committed to conducting its FX Market activities (“Activities”) in a manner consistent with the principles of the Code. To this end, the Institution has taken appropriate steps, based on the size and complexity of its Activities, and the nature of its engagement in the FX Market, to align its Activities with the principles of the Code,” says the Statement.