The Global Foreign Exchange Committee (“GFXC”) supports the creation of market mechanisms that raise awareness about the FX Global Code (“Code”) and that promote the adoption of the Code by the majority of FX market participants. To this end, the GFXC published a series of Recommendations Related to the Establishment of Public Registers in July 2017. This document helps market participants to make their Statement of Commitment of adherence to the Code public, and to identify other market participants that have subscribed to the Code.
In response to the recommendations published by the GFXC, the Mexican Foreign Exchange Committee (“MFXC”) has established a voluntary public registry for the disclosure of the Statements of Commitment to the Code in order to further promote its adoption by the majority of market participants in Mexico. Any market participant that wishes to make public its Statement of Commitment shall be included in the registry regardless of the nature of their activity in the FX market, their sector, size, or any other characteristic, as long as they participate in the local wholesale FX market.
The renewal, inclusion, or removal of any Statement of Commitment by a particular institution will be made by the Committee whenever the aforementioned institution decides to do so. The public registry will contain a list that enumerates:
- market participant name,
- type of market participant,
- date on which the Statement of Commitment was signed,
- admission date to the public registry, and
- copy of the market participant´s Statement of Commitment, or a link to the website in which the market participant has decided to disclose said statement.
Also, market participants shall renew their Statements of Commitment sooner than six months following the date of publishing a comprehensive revision of the Code, or under any other circumstance whenever the Committee deems necessary. If this renewal is not carried out by a relevant market participant, its Statement of Commitment will be removed from the public registry until this document is updated.
Finally, it should be noted that the MFXC, according to the recommendations published by the GFXC, hereby establishes a public registry for the Statements of Commitment of local market participants with the only purpose of providing information to all FX market participants. In this context, the MFXC shall not be responsible for:
- verifying the accuracy or validity of a market participant’s Statement, or
- monitoring adherence to the Code by market participants listed in the register, or
- verifying whether market participants are within the defined scope of market participants covered by the public register.
Also, every market participant shall bear sole responsibility for the content and veracity of its Statement of Commitment, as well as for complying with the principles established within the Code. Henceforth, the market participant shall defend, indemnify and hold the MFXC harmless against all third party claims, actions, suits, demands or any legal, administrative or judicial processes whatsoever, in connection with the signing and publishing and disclosure of its Statement of Commitment. In case any additional information is needed regarding the adherence to the Code by any market participant, this information shall be directly addressed to the relevant market participant.
Finally, the publication of personal information contained within the public registry is authorized by the data subject.