Andrew Hauser: Why the buy-side should buy into the FX Global Code

Remarks by Mr Andrew Hauser, Executive Director for Markets of the Bank of England, at London FX Hive Live, London, 6 December 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Thank you very much for the invitation to speak with you today. Much of your agenda is rightly focused on the future: on how to exploit new technology; how to trade with new platforms and market participants; and how to meet ever more demanding customer needs. That relentless push to innovate is one of the great strengths of the global FX markets, and it is a privilege to be part of that conversation.

Against that backdrop, my own remarks - on getting the buy-side signed up to the FX Global Code - might seem a little backward looking. I hope to convince you otherwise. At a time when FX markets are evolving rapidly, there has never been a more important time for investors active in those markets - all of you - to be shaping, and adopting, the norms, conventions and standards embodied in the Code.