The code is a central element of the foreign exchange industry's response to charges of market manipulation and misuse of client order information which saw seven major banks fined around $10 billion at the end of a huge global inquiry in 2015.
The BIS has also provided a draft Statement of Commitment for firms to publicly demonstrate their adherence to the Code, in the belief that firms are more likely to adhere to the Code if their peers are doing so too.
SWIFT, a global provider of financial messaging services, has offered its full support of the recently introduced FX Global Code, reiterating for the group's customers that their respective FX market activities are fully aligned with the principles of the Code, per a company statement.
Potter spoke on a panel in London today hosted by the Global Financial Markets Association to launch the FX Global Code which was published after a two-year collaborative effort between central banks and private sector market participants from across the globe.
NEX Markets played an active role in the development of the Code, with Darryl Hooker, Global Head of Spot and Metals and Head of FX EMEA, representing NEX on the Market Participants Group (MPG), a working group for those in the private sector engaged in developing the Code.
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It also comes after players were put under increasing pressure over the "last look" practice, which allows market makers to back out of a trade having potentially unfairly learned a counterparty's intentions.
In a joint press release, the Monetary Authority of Singapore, Bank of Korea, the Hong Kong Monetary Authority, the Reserve Bank of Australia and the Reserve Bank of India welcomed the Code.
It is expected to be adopted across the entire FX market, including the sell-side, buy-side, non-bank participants and platforms.
"The FX Global Code sets good practices for market participants to follow and will support a robust, fair and transparent market, underpinned by high ethical standards", said GEM Chair Agustín Carstens, Governor of the Bank of Mexico. "There are a number of different mechanisms for firms to proportionately embed the code, such as training, and we have trained 700 staff".
"The code is relevant to all parts of the wholesale FX industry that fall within the FMA's conduct regulation".