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
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.