Wed | Sep 18, 2019

J'can FX dealers to sign global best practice code

Published:Sunday | July 28, 2019 | 3:39 PM

The respective presidents of Jamaica’s bankers and cambio associations are sign on to the global code for foreign exchange traders, the Bank of Jamaica (BOJ) says.

The central bank says the signing "symbolises and confirms that each member of their associations and, therefore every authorised foreign exchange (FX) trading entity in Jamaica, has signed the BIS (Bank of International Settlements) FX Global Code".

The BOJ says the code represents awareness and adherence to a set of 55 global best practice principles of behaviour in FX markets and encourages integrity, transparency, and ethical behaviour in FX markets. 

The signing takes place at 10 a.m. at the BOJ auditorium tomorrow.

"This development has been in the making since the introduction of Bank of Jamaica’s Foreign Exchange Intervention and Trading Tool (B‐FXITT) in 2017 and marks the latest step of BOJ’s continued comprehensive collaboration with the industry to reform and modernise the local FX market," the Jamaican central bank said in a statement today.  

This latest initiative follows closely on the heels of a partnership with Jamaica Institute of Financial Services (JIFS) and the Association Cambiste Internationale Financial Markets Association (ACI) to develop an FX Global Code certification programme for local FX traders.

The BOJ says one cohort of traders has already been trained, and training for a second group begins soon.

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