GFXC publishes results from Second Annual Survey on FX Global Code

The Global Foreign Exchange Committee (GFXC) has published the results from the 2018 GFXC Survey, which measures the awareness, adoption, implementation, and effects of the Global Code for market participants.The GFXC only received 303 respondents from over 500 Market Participants invited to participate.


95% of respondents had read part or all of the Global Code, and over two-thirds were aware of the updates made to the Global Code since its launch in 2017.

  • Among respondents, adoption of the Global Code had significantly increased from 2017 (11%) to 2018 (55%).

  • 80-90% of respondents thought the Global Code had had a positive effect on their firm and the wider foreign exchange markets.


  1. Asia Pacific - 145 (47.9%)

  2. Europe - 86 (28.4%)

  3. N. America - 41 (13.5%)


  1. Banks - 161

  2. Broker / Investment Advisor - 22

  3. Non-Bank Liquidity Provide - 8

  4. Sell-side total: 191 (63.0%)


  1. Asset Manager/ SWF / Investors- 50

  2. Corporate Treasury - 36

  3. Buy-side total - 86 (28.4%)

The global spread of respondents and Market Participant Category of responses highlights the continuous challenge to encourage Market Participants to adopt globally agreed standards of best practice. The largest Foreign Exchange centres London and New York were not specifically revealed, but it was noted the UK accounted for 36 respondents and US only 16.

"We are pleased to see widespread adoption and awareness of the FX Global Code," said Simon Potter, Chair of the GFXC. "The reports issued today are the latest examples of the valuable work the GFXC is doing. We look forward to further discussion in the months ahead."