The ECB communicates clear conditions for accepting credit institutions as counterparts, for quality of collateral, for emergency liquidity assistance extended by national central banks so as not to interfere with monetary policy, for accepting securities under its asset purchase programme, etc. These conditions are transparent and equal for all counterparties in the euro area.
The success of the Global Code in promoting integrity and restoring confidence in the wholesale FX market lies in the hands of its participants. That is why the Global FXCs issued a joint statement of support at the launch of the Code in New York, making clear their intention for the Global Code to become an integral part of the wholesale FX market.