The Global Foreign Exchange Committee first launched the FX Global Code in 2017 aiming to restore confidence and promote integrity and effective functioning of the wholesale foreign exchange market. The Code was reviewed and updated in July 2021 to reflect the ongoing evolution of the FX market. The Bank of Thailand (BOT), in its role as a market participant, has completed a self-assessment and ensured that all practices and processes in conducting foreign exchange activities as part of central banking functions are aligned with the Code. The BOT has thus issued the Statement of Commitment, posted on our website, to demonstrate the adherence to the Code.
In addition, the BOT strongly encourages financial institutions in the Thai wholesale foreign exchange market to adopt the Code as soon as practicable. Starting from 2025 onwards, the adherence to the Code will indeed become a prerequisite for the BOT’s foreign exchange counterparties. At present, there are more than 1,100 entities who adhered to the Code including central banks, financial institutions, institutional investors, etc.
For more information on the adoption of the Code in Thailand, please visit the BOT’s website. (https://www.bot.or.th/English/FinancialMarkets/Pages/FX_Global_Code.aspx)
Bank of Thailand
31 January 2022
For further information, please contact : Financial Markets Department
Tel : +66 2283 5421
E-mail : FMD-MarketStandards@bot.or.th