Raiffeisen Bank Signs Up to the FX Global Code

Raiffeisen Bank has become one of the first Ukrainian banks to sign up to the FX Global Code, a set of international principles of good practice for professional participants in the foreign exchange market. By signing the Statement of Commitment, the bank pledges to conduct its foreign exchange activities in line with internationally recognised standards and confirms that it has already aligned its internal processes with the Code’s requirements on transparency, risk management and trade execution. The bank also called on its counterparties and all market participants to follow the Code’s principles to promote a fair,transparent and resilient market.

“Signing up to the FX Global Code not only confirms that our foreign exchange practices meet the highest international standards; it is also a public commitment to uphold ethical and professional standards in the future. For us, this is about building trust in the Ukrainian market among our clients, partners and the international financial community,” said Oleh Klimas, Head of Capital Markets at Raiffeisen Bank.

The FX Global Code was developed with input from central banks and foreign exchange market participants around the world, including the Bank for International Settlements and ACI Financial Markets Association.First published in 2017 and most recently updated in December 2024, the Code comprises 55 principles covering ethics, governance, execution, information sharing, risk management, compliance and settlement.The Global Foreign Exchange Committee oversees its maintenance and development.

The Code does not impose legal or regulatory obligations or replace Ukrainian legislation; rather, it complements it. To date, more than 1,500 market participants have signed Statements of Commitment,including 56 central banks, among them the National Bank of Ukraine, the European Central Bank and theBank for International Settlements.