On May 22, 2026, the National Bank of Ukraine (NBU) took a pivotal step to enhance transparency and fairness within its foreign exchange market by officially adopting the FX Global Code. This milestone was marked by Governor Andriy Pyshnyi signing a Statement of Commitment, affirming the NBU’s dedication to uphold the highest ethical and professional standards in its forex operations.
Strengthening Market Integrity Through Global Standards
The FX Global Code is an internationally recognized framework designed to foster integrity, transparency, and effective functioning across the global forex market. Created with collaboration from key institutions such as the Bank for International Settlements and the ACI Financial Markets Association, the code has served as a benchmark for best practices since its introduction in 2017.
Governor Pyshnyi highlighted that joining the FX Global Code not only confirms that Ukraine’s foreign exchange activities meet global expectations but also signals a public commitment to maintain these standards in the future. He acknowledged the valuable guidance provided by the Bank of England and Deutsche Bundesbank, whose shared expertise was instrumental in facilitating Ukraine’s integration into this international regulatory framework.
Promoting Fairness and Transparency in Ukraine’s Forex Market
By embracing the FX Global Code, the NBU aims to encourage all participants in Ukraine’s domestic forex market—including counterparties and financial institutions—to align their practices with these global principles. The bank has already revised its internal processes to ensure full compliance, reinforcing a transparent, fair, and sustainable trading environment that benefits all stakeholders involved.
This move reflects a growing global trend among central banks and financial regulators to standardize forex market conduct, reduce systemic risks, and bolster investor confidence. The NBU’s commitment strengthens Ukraine’s standing within international financial markets and supports ongoing modernization efforts within its financial infrastructure.
Market analysts view this development positively, interpreting it as a signal of increased reliability and reduced operational risks for foreign investors and trading partners engaging with Ukraine’s currency market. Continued adherence to the FX Global Code is expected to foster improved market conduct, greater transparency, and enhanced cooperation between Ukrainian forex participants and their global counterparts.
In summary, the National Bank of Ukraine’s adoption of the FX Global Code marks a significant achievement in harmonizing forex market regulations. It underscores Ukraine’s resolve to integrate more closely with international financial standards while promoting ethical behavior and sustainable growth in its currency trading activities.
