National Australia Bank today welcomed the Foreign Exchange Global Code of Conduct, which was published by the Bank for International Settlements’ Foreign Exchange Working Group last week.

NAB said it would fully comply with the new code within the next 12 months, as recommended by the Working Group.

The code is a set of principles that guides good practice and effective functioning of the wholesale foreign exchange market. It was developed over two years by central banks and market participants from 16 jurisdictions around the globe.

“This code will enhance transparency and efficiency in the Australian FX market and is an important step towards more robust, fair, liquid and open currency trading globally,” said Drew Bradford, Executive General Manager Fixed Income Currencies & Commodities at NAB.

“NAB particularly recognises the work of the Reserve Bank of Australia and its Deputy Governor Guy Debelle in successfully leading this important global initiative.”

The code will be maintained by a new Global Foreign Exchange Committee, a global association of FX committees.