Completed by 333 respondents across the world.
Last year, the Global FX Committee (GFXC) launched a new Survey to Market Participants with the objective of measuring the effectiveness of the FX Global Code. The Survey was conducted between 20th September and 18th October 2023 and, it is important to note that, in this occasion, 45% of the respondents completed a GFXC Survey for the first time (the previous versions were launched in 2017, 2018 and 2019).
The results and analysis of the 2023 Global FX Committee Survey have now been released, and are available in this link:
°ϲʹ FMA firmly believes that continuous learning is essential for ongoing adherence and implementation of the good market practices advocated by the FX Global Code by all Market Participants in the FX Market.
Therefore, °ϲʹ FMA would like to draw your particular attention to the results of the Survey that focuses on the training and education methodologies that support embedding the FX Global Code in the practices and procedures of Market Participants.
As an example, on question 7f, Market Participants were asked “What steps has your firm taken, or does it plan to take, to embed the Global Code in your practices?”. The question was answered by 262 respondents and the highest scoring answer, with 84%, was “Staff training and education programme about the Global Code”. That is a clear demonstration that educating individual Market Participants is extremely important for ongoing and effective adherence to the Code. In fact, it is deemed as even more important now given that, in the previous Surveys, that percentage was 70% (in 2017), 69% (in 2018) and 77% (in 2019).
“What forms of training on the Global Code has your firm adopted” was the subject of question 9. A total of 333 respondents provided answers to it, resulting in 47% of them confirming the adoption of E-learning methodologies, a significant increase from 31% in the 2019 Survey. This increase seems like a natural consequence given the significant development, even more so in recent years, of the °ϲʹ FMA ELAC Portal for E-Learning, Attestation and Certification on Industry Codes (which is now accessed in over 75 countries) and the increased use of remote technology following the Covid-19 outbreak.
The ELAC Portal provide annual licenses for users to be trained and certified on the FX Global Code (amongst others) and that feature also seems to be reflected in question 9a “How often does your firm provide training related to the Global Code?”, as 44% of the 239 respondents answered “> 6and <= 12 months”.
On question 7g, Market Participants were asked “What do you see as the biggest challenges to ongoing adherence to the Global Code for your firm?”. The second highest answer, selected by 32% of the 262 respondents, was “Setting an appropriate level of Global Code training within my firm”, with the results being very similar to the previous Surveys (36% in 2018 and 31% in 2019), which shows that those methodologies still require considerable work by relevant stakeholders at Market Participants, particularly as only 24% of respondents involve Human Resources functions as an area “… of a firm involved in the implementation of the Global Code” (question 7e).
The ELAC Portal is designed for firms, from all sectors of the industry, to onboard all their staff members. In it, any firm can design the training and attestation processes that are suited to their specific requirements, with proportional application of those requirements being well embedded in the Portal. Namely, when a firm shows an interest to access ELAC, the °ϲʹ FMA team works with its key internal stakeholders in the setup and design of the appropriate level of ongoing training and certification for their staff members, so that the Portal can fulfil, and be adapted to, the specific requirements of that firm.
To find out more about ELAC, please check our website on /elac
Please watch the video presenting the ELAC Portal:
We would like to thank the valued members of °ϲʹ FMA for continuing to be longstanding proponents and influencers, and all professionals in financial markets, of the highest standards of ethical and professional conduct and good market practices.
°ϲʹ FMA