National Australia Bank (NAB) today committed to adopt and comply with the Foreign Exchange Global Code of Conduct when it comes in to effect in May next year.

The bank this week signed a statement of commitment to the code, which is a set of principles that guide good practice and effective functioning of the wholesale foreign exchange market. It has been developed by central banks and market participants from 16 jurisdictions around the world.

“NAB takes transparency and efficiency in FX markets seriously,” said Drew Bradford, Executive General Manager Markets at NAB.

“This code is an important step that will make currency trading globally more robust, fair, liquid and open,” Mr Bradford said.

NAB is also committed to the work of the FICC Markets Standards Board (FMSB), which was established in 2015 as a private sector response to the conduct problems revealed in global wholesale Fixed Income Currencies and Commodities markets after the financial crisis. NAB was the first Australian Bank to join the FMSB, in April this year.