FX Global Code was drafted by the working group established by Bank of International Settlement (BIS). World's leading central banks and major FX Market Participants have been working for several years to draft the code.

 

The code establishes uniform international rules and principles of conduct on the FX Market. The purpose of the code is to make the market more transparent, establish fair rules of conduct between participants of financial markets, define minimum requirements for organizational structure of financial institutions which will ensure their compliance of their activities with the best International practice.

 

National Bank of Georgia has officially adhered to the principles of the Global FX Code and declared the statement of commitment to the FX Global Code (See file attached).

 

Before signing this statement National Bank of Georgia has conducted through internal review of its rules and procedures to ascertain its level of compliance with the requirements of the code. In order to ensure impartiality and objectivity of such process, Bank conducted the revision through assistance of international experts from Axiom Global Advisors. The detail findings of the revision can be found on the following link .