Munich – BayernLB has just become the first Landesbank to commit itself to adopting the Foreign Exchange Global Code of Conduct. These internationally recognised principles of good practice in the foreign exchange market demand a high degree of transparency from market participants. BayernLB ensures that its foreign exchange trading and internal workflows comply with the strict regulations. The Bank for International Settlements (BIS) initiated the FX Global Code, whose participants include central banks, monetary authorities and financial institutions from the 15 largest currency areas.
"Thanks to our expertise, we help to create clear structures and good recommendations for action for the foreign exchange market," declared Marc Burgheim, head of the Derivatives Trading department at BayernLB.
“It has always been our top priority to be transparent and fair to our clients,” said Dr Klaus Voit, who heads the Treasury Product Sales department. “We welcome the Code of Conduct for the foreign exchange market.” The FX Global Code strives for a transparent, open and liquid foreign exchange market and has so far developed 55 principles covering ethics, corporate governance, transaction execution, information sharing, risk management, compliance and settlement processes.
BayernLB's Statement of Commitment is available at: