The symbolic signing of Jamaica’s Foreign Exchange (FX) Code of Conduct took place on Monday (July 29) at the Bank of Jamaica (BOJ) where a few key stakeholders met to formalise acceptance and adherence to a common set of prescribed guidelines.

These guidelines are said to be drafted around the principles of global best practices in the foreign exchange market.

Brian Wynter, outgoing governor of the Bank of Jamaica, in his opening remarks, stated that the adoption of the global code is aimed at enhancing the efficiency of the financial markets in Jamaica and was intended for promoting integrity, transparency and effective functioning within the market. He deems the work in addressing this aspect of solidifying the foreign exchange market as very important; as this sector has earnings yielding more than USD5 trillion every day.

“The symbolic signing today by the respective presidents from the Bankers Association and the Cambio Association of Jamaica confirms that their members have signed the global code, indicating their commitment to ethics, governance, execution, information sharing, risk management and compliance,” Wynter said.

“Now that we are a part of the global code, this is a signal that Jamaica is open and ready for business,” he emphatically continued.

He then urged that incumbency will now rest with each FX dealer or cambio to follow through on their commitment to adopt the code. The expectation is that those who intend to compete on the FX market will achieve success once they conform to the established principles.

Darlene Jones, executive director of the Jamaica Institute of Financial Services (JIFS), added that in creating a global code emphasis will revolve around the application of high standards, integrity conduct and professionalism.

She highlighted that at JIFS their chief mandate is to ensure that the industry is supplied with highly trained and an agile cadre of talent to support the industry’s growth.

JIFS, is the entity which currently offers the FX global code certification programme, one that is offered in collaboration with the global association ACI financial markets. The executive director pointed out that the first sitting of the institute’s certification exams was held in June, and they are now in the recruitment stage of a second cohort to begin in September. This programme, Jones said, is to enhance buoyancy of the FX industry by equipping it with a cadre of certified financial experts.

“We expect to have annual certifications, persons will need to certify annually and thereafter with the expectation that this programme will become mandatory for financial market professionals. The signing by the relevant stakeholders is indicative of Jamaica’s commitment to a successful FX industry, one that is comparable to international standards,” she shared.

She concluded by commending the FX working committee under the direction of the central bank, on achieving this milestone.