On Sep. 15, GFMA tells FX participants to adhere to FX global code.
GFMA issued a white paper exploring where and how ESG themes are, or may be implicated in FX, and what challenges, opportunities and headwinds this brings with it.
Identified/discussed several areas where ESG factors come into play for FX, including a specific call to action in respect of FX industry agreed principles re ESG good practice.
Areas identified where ESG factors could have direct/indirect impact on FX industry are policy, laws, regulation, industry best practices; corporate and business-line ESG goals and performance; embedding ESG factors into currency strategy, FX product offerings.
Call to Action
GFMA issued call to action for wholesale FX market participants who are yet to adhere to the FX Global Code to do so, on basis code adherence can evidence support for ESG goals as well as being an indicator of action towards developing good ESG credentials.