The membership was also from all around the world, drawing from the various Foreign Exchange Committees (FXCs) across the globe comprising all the top 15 FX markets by turnover, both advanced and emerging markets. The Global Foreign Exchange Committee (GFXC) that maintains the Code has since expanded to 20 members.
The Code set out global principles of good practice in the FX market to provide acommon set of guidance to the market. The 55 principles in the Code cover ethics, information sharing, aspects of execution including e-trading and platforms, prime brokerage, governance, risk management and compliance, and confirmation and settlement. The Code is principles-based rather than rules-based.