UK Money Market and Global FX Code

UK Money Market and Global FX Code

The UK Money Market Code, issued by the Bank of England’s Money Market Committee sets out the standards and best practice expected from participants in the unsecured deposits, certificates of deposits, commercial paper, repo and securities lending markets.

The Code is endorsed by the Money Markets Committee (MMC), comprised of market participants from a wide range of banks, other financial and non-financial institutions participating in the products above.

Applies to participants in these markets as and when transacted in UK.

By bringing these together it will more clearly establish the framework for transacting in UK money markets.

The high standards it promotes will build greater trust and certainty throughout these markets, bringing clear benefits for all involved.

The Bank of England has been very pleased to support this market-led initiative

The purpose of the codes is the set out expectations of best practice, intended to promote a fair, effective and transparent market.


The FX Global Code is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed in partnership between central banks and Market Participants from 16 jurisdictions around the globe.

The purpose of the Global Code is to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour.

RBS Treasury (Future Ring Fenced Bank) has signed up to both codes promoting best practice which regulators may endorse by incorporating them within their supervisory practices in the future.

The codes have been signed and endorsed by the Bank of England.

The codes are voluntary, not law or regulation, written by Market participants

The codes promote ethical behaviour, responsible governance, and robust controls, protect confidential information, care when executing and effective settlement.

The Codes do not impose legal or regulatory obligations on Market Participants, nor do they substitute for regulation, but rather are intended to serve as a supplement to any and all local laws, rules and regulations by identifying global good practices and processes.

Voluntary codes of best practice can help to establish the basis on which financial markets function, ensuring trust between participants. This in turn creates an environment so that a fair, effective and transparent market can flourish and in which, by adhering to such codes, high standards of behaviour can be assured.

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