FX Global Code

Register of Statements of Commitment

Institution Type Date of Admission Date of Statement Statement Disclosure Cover Sheet
BCP BANK (MAURITIUS) LTD Bank 2021-06 2020-09-30 Click to view
The Mauritius Commercial Bank Ltd Bank 2021-06 2020-09-28 Click to view
Investec Bank (Mauritius) Limited Bank 2021-06 2020-06-30 Click to view
Standard Bank (Mauritius) Limited Bank 2021-06 2020-09-30 Click to view
Absa Bank (Mauritius) Ltd Bank 2021-06 2020-10-09 Click to view
MauBank Ltd Bank 2021-06 2020-09-28 Click to view
Bank One Ltd Bank 2021-06 2021-04-29 Click to view
HSBC Bank (Mauritius) Limited Bank 2021-06 2018-05-02 Click to view
The HongKong and Shanghai Banking Corporation Limited Bank 2021-06 2018-05-02 Click to view
SBM Bank (Mauritius) Ltd Bank 2021-06 2020-09-30 Click to view
SBI (Mauritius) Ltd Bank 2021-06 2021-04-29 Click to view
ABC Banking Corporation Ltd Bank 2021-06 2021-04-30 Click to view
Standard Chartered Bank (Mauritius) Limited Bank 2021-06 2018-03-01 Click to view
AfrAsia Bank Limited Bank 2021-07 2020-09-30 Click to view

What is the FX Global Code?

The FX Global Code contains a set of global principles of good practice in the foreign exchange market. These global principles have been developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market (FX Market).

 It is intended to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour.

The Global Code does not impose legal or regulatory obligations on Market Participants, nor does it substitute for regulation, but rather it is intended to serve as a supplement to any and all local laws, rules, and regulation by identifying global good practices and processes.

The Public Register

The Mauritius Bankers Association Limited (MBA) is hosting a Public Register for banks licensed in Mauritius by the regulator, the Bank of Mauritius.

Participants can make a written request to the MBA for (i) listing their signed Statement of Commitment and/or Disclosure Cover Sheet (preferably as a link) on the public register, (ii) updating their Statement of Commitment and/or Disclosure Cover Sheet on the public register, and (iii) removing their Statement of Commitment and/or Disclosure Cover Sheet from the public register. Processing time would be around 5 business days after taking cognisance of the request and ensuring it is genuine.

Every year an email will be sent to participants to remind them of their presence on the register, of the date of the latest version of the Code and of the removal and maintenance processes. Participants are encouraged to inform the MBA of any changes in contact details.

They may also address any related queries to: ajankee@mba.mu.

Statement of Commitment

A standardised Statement of Commitment is available by which market participants can demonstrate their recognition of, and commitment to adopting the good practices set forth in the FX Global Code: https://www.globalfxc.org/docs/statement_of_commitment.pdf

For further information on FX Global Code and Statement of Commitment, please refer to: www.globalfxc.org

Market Participants Statement of Commitments hosted on the register will be shared with the Global Foreign Exchange Committee for inclusion in their Global Index of Registers that can be viewed at the following link : https://www.globalfxc.org/global_index.htm

Disclosure Cover Sheets

One of the main outputs of the three-year review of the FX Global Code, which was completed in 2021, is the creation of Disclosure Cover Sheets for Liquidity Providers (LPs) and FX Platforms. The Cover Sheets are voluntary templates that LPs and platforms can use to facilitate the transmission of key disclosure information and support them in meeting the range of disclosure and transparency principles within the FX Global Code.

Cover Sheets should be used by Market Participants to locate and navigate the information they require from LPs and FX Platforms to make informed decisions about the nature, impact and risks of interacting with these entities. They are intended to provide greater consistency, ease of cross-reference with the Principles of the Code, and the ability to compare across different firms’ disclosures.

Market participants’ Disclosure Cover Sheets should be consistent with the forms set out by the Global Foreign Exchange Committee on its website: https://www.globalfxc.org/disclosure_cover_sheets.htm?m=78%7C455.

 Further material and resources, including Frequently Asked Questions (FAQs) relating to Disclosure Cover Sheets, are also available in this link.

Market Participants’ Disclosure Cover Sheets hosted on the register will be shared with the Global Foreign Exchange Committee for inclusion in their Global Index of Registers that can be viewed at the following link : https://www.globalfxc.org/global_index.htm

Maintenance of the Public Register

1) Statement of Commitment

The nature of a participant’s activities may change with time. Participants that have signed a Statement of Commitment should consider how they will review their activities for alignment with the principles set out in the FX Global Code. Steps taken should reflect the size and complexity of the participant’s Foreign Exchange Market activities.

Some participants may consider setting a regular schedule for review, while others may vary their approach based on how their business changes over time.

Upon publication of future updates to the FX Global Code, institutions that have committed should consider renewing their Statement taking into consideration those updates. Participants should review and implement changes as appropriate so that their Statement of Commitment is accurate and relevant at all times. Upon renewing a Statement of Commitment, a commitment to an earlier version of the FX Global Code will be removed from the Register.

2) Disclosure Cover Sheet

In the interests of ensuring that disclosures stay current and relevant, it is recommended that Market Participants who choose to complete and publish a Disclosure Cover Sheet, review them with adequate frequency.

Practically, this will involve updating the Cover Sheet;

  • Whenever there is a material change to the Code which requires a Market Participant’s Cover Sheet to be amended;
  • Whenever there is a material change to a Market Participant’s business or operating model which equally warrants amendment to the Cover Sheet; or
  • Absent the above two scenarios, an annual review of the Cover Sheet would be considered good business practice.

Disclaimer

A Market Participant must comply with the laws, rules and regulations applicable to them and the Code is no substitute for regulation.

This Register is provided as public source of information for finding out whether an institution has committed to observing the FX Global Code. It is the sole responsibility of an institution registering its commitment to the FX Global Code to ensure its status on this Register accurately reflects its current circumstances.

If a visitor to the Register wishes to verify or rely on the information shown they should directly contact the relevant institution and make their own inquiries.

The MBA does not assume responsibility for (i) verifying the accuracy or validity of a Market Participant’s Statement or Disclosure Cover Sheet, or (ii) monitoring adherence to the Code by Market Participants listed in the register.