Qantas has become the first Australian corporate treasury to sign a Statement of Commitment (SoC) to the FX Global Code. The SoC has been listed on the AFMA/ACI Australia FX Global Code Register.
In a release, AFMA says widespread adoption of the Code contributes to the effective functioning of the foreign exchange market and that market participants who sign a Statement of Commitment demonstrate their recognition of and commitment to adopting the good practices set forth in the Code.
Globally, more than 900 institutions including central banks, commercial banks, asset managers and brokers have signed SoCs, however the vast majority remain sell side institutions. The Global FX Committee remains committed to pursuing more buy side membership, however, in an interview with Profit & Lossduring the most recent GFXC meeting in Tokyo, then-chair Simon Potter stressed that the buy side outreach programme launched in 2018 will continue and that the issue of proportionality will be reiterated to help encourage buy side adoption.
In its release, AFMA says it “congratulates Qantas on demonstrating market leadership” by being the first Australian corporate entity to sign a Statement of Commitment to the Code.