Codes of practice

Materials that support best practice in treasury operations

The ACT has contributed to the development of:

The FX Global Code (overseen by the Global Foreign Exchange Committee (GFXC) a sub-committee of the BIS) has been developed principally in response to a loss in market confidence as a result of a number of misdemeanours in the foreign exchange market. It is designed to help restore confidence and promote the effective functioning of the wholesale FX market.
The UK Money Markets Code (overseen by the Bank of England) has been developed to cover activities in unsecured money market deposits, repos and securities lending.

We encourage ACT members, and the wider treasury community, to adhere to these Codes and to promote best practice in the profession.

The FX Global Code A voluntary code setting out principles of good practice for all market participants in the wholesale foreign exchange market (FX market) – this sets out the behaviours to expect from bank counterparties as well as guidance for corporates.
Report on Adherence to the FX Global Code Sets out A Blueprint for Achieving Adoption—a very useful ‘how to’ guide.
Statement of Commitment A pro forma developed to encourage widespread adoption.
ACT Briefing Note on the FX Global Code Written with corporates in mind and therefore highlights those points of particular relevance to them.

The UK Money Markets Code A voluntary code setting out the standards and best practice expected from participants in the unsecured deposit, repo and securities lending markets. The UK Money Markets Code supersedes and substantively updates existing guidance for participants in these markets provided by the Non-Investment Products (NIPs) Code.
ACT Briefing Note on the UK Money Markets Code Written with corporates in mind and therefore highlights those points of particular relevance to them.