On 3 Dec. 2021, China’s State Administration of Foreign Exchange (SAFE) issued the “Guidelines on Foreign Exchange Trading Conduct” (hereinafter “the Guidelines”, 外汇市场交易行为规范指引).
The Guidelines applies to the interbank market as well as the client market, and all the parties engaged in the foreign exchange market, including institutions engaged in foreign exchange transactions, China Foreign Exchange Trade System, Shanghai Clearing House, currency brokers, etc.
The Guidelines focuses on regulating foreign exchange market conducts with emphasis on its core content—the management of transaction and information.
In this regard, the Guidelines requires market participants to effectively identify and protect sensitive information, adopt appropriate approaches of communicating and trading information in accordance with the rules, properly keep the records of information transaction and exchange, and fulfill disclosure obligations to customers and the public.
Cover Photo by T o T on Unsplash
Contributors: CJO Staff Contributors Team