ACI Russia, a member of ACI – The Financial Markets Association, has unveiled a Russian language version of the FX Global Code as well as plans to create the Moscow FX Joint Standing Committee, which it says will be based upon the self-regulatory organisation National Finance Association.
The association says the new committee will be supported by the Bank of Russia and participate in the activities of the Global FX Committee (GFXC). At the time the Global Code was launched earlier this year the GFXC publicly encouraged regional and local markets to form their own FX committees as part of the process of helping to ensure the Code reached all geographical locations and customer segments.
The Russian language version of the Code was originally created by the Bank of Russia and then reviewed and finalised by the editorial group of the ACI Russia council, the association says.
It adds that the new FX committee will include experts from banks, brokerage firms, corporates, market infrastructure and market services companies, market software suppliers and representatives of the Bank of Russia.
“This platform is to become the essential forum for the development of national standards of professional ethics in the Russian FX market based on the Global FX Code and for the interaction between market participants and regulatory bodies,” ACI Russia says.
Sergey Romanchuk, president of ACI Russia, has be proposed as the first chair of the council and Russian representative on the GFXC, together with a representative from the Central Bank of Russia.