Forex Encyclopedia: Global Code of Conduct for Forex (10)

Principle 20

Except in specific circumstances, market participants should not disclose confidential information to external parties.

Market participants should disclose confidential information only in certain circumstances. These circumstances include, but are not limited to:

To agents, market intermediaries (e.g.brokerOr trading platforms) or other market participants to make the necessary level of disclosure.

With the consent of the counterparty or the customer.

In accordance with applicable laws or as required by relevant regulatory bodies or government authorities.

The requirements of the central bank for policy purposes.

Where an advisor protects confidential information in the same manner as a market participant to whom it is disclosed.

Market participants may actively choose to share previous positions or trading activities, provided that the information does not involve any other party's confidential information, and the information is not shared with the purpose of interfering with market functions or hindering the price discovery process, or supporting other manipulative or collusive activities.

Market participants can only request confidential information in accordance with Principle 20.

When deciding whether to release confidential information, market participants take into account applicable laws, as well as any contractual restrictions that may limit the release.

II. Communications

Principle 21

The communication methods of market participants should be clear, accurate, professional, and not misleading.

Communications should be easy to understand by the intended recipients. Therefore, market participants should use language that belongs to and is appropriate for the audience, avoiding the use of ambiguous words. To ensure the accuracy and completeness of information, market participants should:

Attribution of information originating from third parties to third parties (e.g. news services).

Make it clear that opinions are opinions.

Do not convey incorrect information.

When discussing rumors that may affect the direction of prices, we should make judgments and identify them as rumors, rather than spread or create rumors for the purpose of influencing the market or deceiving other market participants.

Do not provide misleading information for the purpose of protecting confidential information, such as the execution of part of an order. Accordingly, market participants should refuse to disclose whether a transaction is full if asked, rather than misleadingly claiming to be full.

Market participants should be aware that employees are representing the company and the wider industry when communicating.

Principle 22

Market participants should communicate market conditions appropriately and should not disclose confidential information.

Through the exchange of general market information, opinions, and anonymous and consolidated flows, the timely transmission of market information among market participants contributes to the establishment of an effective, open, and transparent marketforeign exchange market。

Companies should provide clear guidance to employees on how to share market information appropriately. Communications should be especially limited to effectively integrated and anonymous information.

To this end:

Communications should not include specific customer names, other mechanisms for externally communicating customer identities or transaction methods (e.g., containing codes associated with specific market participants), or information specific to any individual customer.

Customer base, location, and strategy should refer to the overall level and should not enable market participants to access potentially confidential information.

Communications should be limited to sharing confident market views and levels, and should not disclose information about individual trading positions.

Order flows should be disclosed only in terms of quote ranges, not in terms of precise quotes related to individual clients or orders, and should refer to volume in an overall context rather than publicly reporting trading activity.

The selection of interests should not be publicly reported, but should only be explored in terms of widely accessible structural and thematic interests.

The execution time mentioned should be general, unless relevant transaction information is widely available.

Market participants need to exercise caution when referring information to customers about the status of orders, including consolidated and anonymous fixed orders, in order to protect the interests of other market participants (especially in cases where there are multiple orders at the same level or where the differences between orders are minimal).

Market participants should not request confidential information in the process of providing or receiving market information.

Principle 23

In terms of permitted communication methods and channels, market participants should provide clear guidance to employees.

Market participants should communicate through permitted means of communication that allow for tracking, auditing, record keeping and access control. Information security standards should apply regardless of the mode of communication used.

Where possible, market participants should maintain permitted modes of communication, and it is recommended that the communication channels of sales and trading platforms be recorded, especially when the channels are used to process and share market conditions. In exceptional circumstances (for example, in the event of an emergency, for the continued operation of the business), market participants should make arrangements to allow the use of unrecorded communication lines, but should provide guidance to employees regarding the permitted use of such unrecorded lines or equipment.