A well-functioning foreign exchange (forex) market is important to central banks in ensuring the effective transmission of monetary policy to the real economy and to support price stability. Guy Debelle, deputy governor of the Reserve Bank of Australia, referred to it as “one of the most vital parts of the financial plumbing” in his opening remarks at the FX Global Code of Conduct launch.

Debelle said the forex industry had been “suffering from a lack of trust” between market participants and