To Whom Does the FX Global Code Apply?
The Global Code is written with this diversity in mind and is expected to apply to all FX Market Participants that engage in the FX Markets, including sell-side and buy-side entities, non-bank liquidity providers, operators of FX E-Trading Platforms, and other entities providing brokerage, execution, and settlement services.
The term Market Participant is generally used to refer to both firms and personnel, per the definition.
However, in some cases it will be clear that a principle is by its nature more relevant to only one or the other.
For example, certain principles deal primarily with business or firm-level policies and procedures rather than individual behaviours. The terms “firm” and “personnel” are occasionally used where principles focus on good practice by firms with regard to personnel in their capacity as such, and vice versa.
Market Participants are as described below:
central banks, except where this would inhibit the discharge of their legal duties or
quasi-sovereigns and supranationals, except where this would inhibit the discharge of
their organisational policy mandate;
asset managers, sovereign wealth funds, hedge funds, pension funds, and insurance
a corporate treasury department, or Corporate Treasury Centre entering into external
(non-group) transactions either on its own account or on behalf of the parent companies, subsidiaries, branches, affiliates, or joint ventures of the group it represents;
family offices running treasury operations;
benchmark execution providers;
non-bank liquidity providers; firms running automated trading strategies, including
high-frequency trading strategies, and/or offering algorithmic execution;
brokers (including retail FX brokers); investment advisers; aggregators; and analogous intermediaries/agents;
remittance businesses, money changers, and money services businesses in their interactions in the wholesale FX Market;
FX E-Trading Platforms;
affirmation and settlement platforms; and
any entity classified as an FX Market Participant in the relevant jurisdiction(s).