RBI signs up for FX global code

The RBI has signed a Statement of Commitment (SoC) to the FX Global Code. The code, launched on May 25, 2017, is a compilation of best market practices, formulated by central banks and market participants, developed under the auspices of the Bank for International Settlements (BIS), Basel. The RBI said the code is applicable to the wholesale FX market participants covering sell-side, buy-side and financial intermediaries, and is voluntary in nature. It does not impose any legal or regulatory obligations, and is intended to be a supplement to the local laws, rules and regulations. It is currently being implemented globally by the Global FX Committee (GFXC) in co-ordination with the Local FX Committee (LFXC) in each jurisdiction. Our Bureau