【双语】外汇市场新规范

外汇市场新规范

New Standards for the Foreign Exchange Market

 

5月8日，全国外汇市场自律机制发布了《中国外汇市场准则》（以下简称《准则》）。该《准则》是在基于我国外汇市场的实践机制，并充分借鉴全球外汇市场准则以及主要国家和地区外汇市场自律机制相关准则的基础之上制定的。《准则》的出台是近期我国外汇市场改革发展进程中的一项重大举措，也是我国外汇市场规则与国际接轨的重要标志。

The national foreign exchange market issued the China Foreign Exchange Market Guidelines on May 8, and the move has been hailed as a major reform. It took a page out of the global foreign exchange market standards and is already a symbol of China's foreign exchange market rules complying with the international standards.

 

　作为我国外汇市场自律机制的基础性制度，《准则》并不对市场参与者构成法律和法规上的约束。在业内人士看来，通过市场自律的方式进行自我规范，将形成他律与自律的合力，有助于进一步提高我国人民币汇率形成机制的市场化程度，促进和规范外汇市场的发展。　

 

储国强：中国农业银行金融市场部外汇交易处处长

曹守年：中国建设银行金融市场交易中心副总经理

肖霆：中国交通银行金融市场业务中心 副总裁

姚振华：花旗银行（中国）中国区交易主管

何昕：法国兴业银行（中国）董事总经理

As a basic system of self-discipline for China’s foreign exchange market, the Guidelines are not legal or regulatory constraints on market participants. But by raising the standards for self-discipline, they help build confidence in the foreign exchange market and in turn help continue the development of the market. In this exclusive interview, China Forex reporter speaks to Chu Guoqiang, director of the Foreign Exchange Trading Unit, Financial Marketing Department, Agricultural Bank of China, Cao Shounian, deputy general manager of the Financial Market Trading Center, China Construction Bank, Xiao Ting, vice president of Financial Market Business Center, Bank of Communications, Yao Zhenhua, director of China Trading, Citibank China, and He Xin, managing director, Société Générale (China).

 

《中国外汇》：《准则》的发布，可以说是我国外汇市场改革发展进程中的一项重大举措。此举对于中国外汇市场的发展而言有何意义？

China Forex: It has been said that the introduction of the "Guidelines" is a major initiative in the reform and development of China's foreign exchange market. What would you say is the main significance for China's foreign exchange market?

储国强：为提升全球外汇市场的公平性和完整性，国际清算银行（BIS）从2015年开始着手制定《全球外汇市场准则》，我国中央银行作为BIS外汇市场最佳实践委员会的成员，全程参与了《全球外汇市场准则》的制定。在全球准则发布之前，我国外汇市场自律机制率先发布了《中国外汇市场准则》，对我国外汇市场发展意义重大：一是有利于进一步推动人民币汇率形成机制改革。当前我国汇率形成机制改革在不断完善之中，稳定有序的外汇市场能够保障改革政策的顺利实施，较大限度地避免非理性因素对改革进程的扰动。二是有利于我国外汇市场与国际市场的顺利接轨，保障外汇市场规范运行。作为全球最大的发展中国家，我国外汇市场具有一定的新兴市场特征。《准则》在充分借鉴国际市场成熟经验的基础上，融入了我国外汇市场的具体实践，有利于在现有外汇市场稳定连续发展的基础上，实现中国外汇市场与国际市场的顺利对接，推动人民币国际化进程。三是有利于提升市场效率、促进各市场参与者的专业和规范性。《准则》对外汇市场参与者具体行为的规范翔实且具有可操作性，使从业者可以依据一套明确的准则来约束和规范自己日常的交易行为。在当前国际市场，特别是外汇市场的环境下，交易员的行为不仅要符合本国法律法规的规定，还要受到沃尔克法则等国际法案的约束。《准则》的发布，明确了外汇市场参与者的行为规范，能够有效避免违规事件的发生。

Chu Guoqiang: In order to enhance fairness in a comprehensive framework for the global foreign exchange market, the Bank for International Settlements (BIS) developed the Global Foreign Exchange Market Guidelines. Since 2015, the People's Bank of China, as a member of the BIS Foreign Exchange Market Best Practices Committee, has participated in the promulgation of the Global Foreign Exchange Market Guidelines. Before the release of the global guidelines, China's foreign exchange market issued its own "China Foreign Exchange Market Standards." This is of great significance to the development of China's foreign exchange market. First, it is conducive to promoting the reform of the exchange rate mechanism for the renminbi. The reform of China’s exchange rate formation mechanism is constantly making progress. The stable and orderly foreign exchange market can guarantee the smooth implementation of reform policies and avoid disturbances from "irrational factors." Second, it is conducive to the smooth integration of China's foreign exchange market and the international market. As the world's largest developing country, China has a foreign exchange market with certain emerging market characteristics. The “Guidelines” have drawn on the experience of the more mature international market, and integrated its practices. This is conducive to the stable development of the foreign exchange market. It also advances the internationalization of the renminbi.

姚振华：《准则》对于中国外汇市场的发展应该说具有里程碑式的意义。《准则》充分吸取了国外金融市场的最新监管经验，并结合了中国自身的特点，对于增强银行内控，规范银行的前、中、后台的交易行为，都有非常好的指导意义。

Yao Zhenhua: It should be said that guidelines are a milestone in the development of China's foreign exchange market. They have fully absorbed the latest regulatory experience of foreign financial markets. Combined with China's own characteristics, they strengthen banks’ internal controls, standardize bank counter business as well as real-time and non-bank counter transactions,

曹守年：《准则》的制定和发布，是我国外汇市场发展进程中的一项标志性事件，是对我国20多年外汇市场发展实践的全面总结，对我国外汇市场的长期健康发展具有推动作用。

Cao Shounian: The development and the release of the "Guidelines" is an iconic event in the development of China’s foreign exchange market. It is a comprehensive summary of China’s foreign exchange market development during more than 20 years, which will have a positive effect on the healthy development of China’s foreign exchange market over the longer term.

第一，《准则》内容丰富，包含常规惯例、通用原则、交易执行、风险控制、交易确认与清算、经纪公司、技术术语等内容，共216条，既包含有行业通用性的指导原则，也提供了行业最佳实践的操作规范，完善了具有中国特色的外汇市场制度体系。其对中国外汇市场参与者和从业人员，具有很强的指导意义，有利于促进中国外汇市场专业、公平、高效、稳健的运行。

First, the "Guidelines" include 216 articles of conventional practices, general principles, transaction execution methods, transaction confirmation, transaction execution and clearing, brokerage firms and technical terms among other items. It not only contains the industry's guiding principles, provides the normative operation of the best practices and improves the foreign exchange market system with Chinese characteristics. It has a strong guiding significance for the foreign exchange market participants and this is conducive to promoting professionalism as well as fair, efficient and sound market practices.

第二，《准则》在制定过程中充分借鉴了《全球外汇市场准则》以及主要国家和地区外汇市场自律机制相关准则的内容，是我国外汇市场规则与国际接轨的重要标志，也是我国外汇市场开放的重要举措,有利于推动我国外汇市场的国际化发展。

The “Guidelines” also have relied on the global foreign exchange market standards and the relevant criteria of the self-regulatory mechanisms of the major national and regional foreign exchange markets.

第三，虽然《准则》并不对市场参与者构成法律和法规上的约束，也不能代替监管规则，但是《准则》是对国家相关法律、法规和政策规则的有效补充。其在推广实施后，中国外汇市场参与者和从业人员将可通过市场自律的方式进行自我规范，影响深远。

Although the "Guidelines" do not constitute a legal or regulatory constraint on market participants and do not replace regulatory rules, they can effectively complement the relevant national laws, regulations and policy rules. After the implementation of the "Guidelines", the Chinese foreign exchange market participants and practitioners will be able to regulate themselves through market self-discipline. This has a far-reaching impact.

何昕：2008年金融危机以来，全球金融市场监管机构纷纷对市场大型机构展开外汇操纵案调查，并对包括巴克莱、德意志、苏格兰皇家银行在内的多家银行开出了巨额罚单。这也让大家认识到，确保投资者对金融市场的公平性和有效性的信心，抑制市场大型机构的外汇操纵行为，保护小投资商使用零售经纪商在外汇市场进行正常投机活动，完善市场基础设施，是金融当局监管的主要任务。在此背景下，各地外汇市场也积极推出详尽的行为准则与职业操守指南，以规范外汇市场。在中国，人民银行和外汇局早在三年前便牵头成立了银行间外汇市场职业操守和市场惯例专业委员会，负责完善中国外汇市场职业操守指引和市场惯例。在充分借鉴国际经验并结合我国实践的基础上，专委会在2016年形成了《中国外汇市场职业操守指引和市场惯例》初稿，并积极参与了国际清算银行外汇市场最佳实践委员会的全球外汇市场统一行为规范第一版的制定和宣传工作。2016年6月，为进一步适应我国外汇市场的发展，更好地发挥金融机构在市场建设方面的作用，全国外汇市场自律机制在上海成立。此次《准则》的发布，旨在通过为外汇市场参与者和从业人员提供通用性的指导原则和行业最佳实践的操作规范，来促进中国外汇市场专业、公平、高效、稳健的发展，实乃中国金融市场建设中的一件大事。

He Xin: Since the financial crisis of 2007-2008, global financial market regulators have launched investigations into the activities of large foreign institutions in the foreign exchange market. They have imposed heavy fines on Barclays, Deutsche Bank, Royal Bank of Scotland and a number of other banks. A top priority for regulators has been to boost confidence in the fairness and effectiveness of financial markets by restraining foreign exchange manipulation by large institutions in the marketplace and protect small investors and improve market infrastructure. In this context, all foreign exchange markets actively promote the introduction of a detailed code of conduct to regulate the foreign exchange market. In China, the central bank and the foreign exchange regulator took the lead in setting up a professional committee to look at standards of professional conduct and market practice in the foreign exchange market three years ago. The special committee formed the first draft of the Professional Guidance and Market Practice of China's Foreign Exchange Market in 2016, and actively participated in the development and promotion of the first edition of the unified code of conduct of the Foreign Exchange Market Best Practices Committee by BIS. In June 2016, in order to further adapt to the development of China's foreign exchange market, and better to give full play to the role of financial institutions in the market construction, the national foreign exchange market self-regulatory mechanism was established in Shanghai.

肖霆：《准则》的颁布对中国外汇市场发展意义非常重大，将有力促进中国外汇市场健康、快速的发展。一方面，《准则》为中国外汇市场的参与者和从业人员提供了通用性的指导原则和行业最佳实践的操作规范，有助于促进外汇市场专业、公平、高效、稳健的运行；另一方面，《准则》也是对国家相关法律、法规和政策规则的有益补充，有助于市场参与者完善内部管理制度，以更高标准的职业操守和专业操作开展相关业务。

Xiao Ting: The promulgation of the "Guidelines" is of huge significance to the development of China's foreign exchange market, as it will promote the healthy and rapid development of the market. At the same time, the "Guidelines" provide general principles and guidelines for the best industry practices for participants and practitioners in the Chinese foreign exchange market. This will help promote a fair, efficient, professional and robust operation of the foreign exchange market. The “Guidelines” are also a useful complement to relevant laws, regulations and policies of the Chinese authorities. This will help market participants improve the internal management system and carry out relevant business with higher standards of professional conduct and operation.

《准则》实现了与国际惯例和全球准则的全面对接，因此，外汇市场成员应充分理解、学习《准则》内涵，不断完善内部管理制度，建立符合国际规范的更高的合规标准，以利于自身的海外机构面对全球监管，能更加从容自信，进而加快中资银行“走出去”的步伐。这也有助于推动人民币国际化的进程。

The "Guidelines" are in full compliance with international practice and global guidelines. Therefore, members of the foreign exchange market should be up to speed on the contents of the “Guidelines.” They should constantly improve their internal management systems and establish higher compliance standards in line with international norms. This will give overseas institutions confidence in China's standards and thereby accelerate the pace of Chinese banks "going global." This also helps promote the internationalization of the renminbi.

 

《中国外汇》：《准则》的覆盖范围有哪些？在实践中，应如何推动《准则》的推广与实施？

China Forex: What is the scope of the "Guidelines" and how do we promote them.

 

姚振华：《准则》的覆盖范围包括了经过监管部门批准从事外汇交易业务的机构和个人，包括具有银行间外汇市场业务、结售汇业务、外币买卖业务等资格的经营机构及其内部从业人员。因此其覆盖范围不仅限于银行，所有从事外汇的非银行金融类机构也包括在内。

Yao Zhenhua: The "Guidelines" cover the institutions and individuals approved by the regulatory authorities to engage in foreign exchange transactions. This includes qualified institutions and their staff engaged in the interbank foreign exchange market business, foreign exchange settlement business and foreign currency trading. It not only covers banks, but also the non-bank financial institutions engaged in foreign exchange- related business.

 

银行作为客户和市场的桥梁，在《准则》的推广和实施过程中具有关键性的作用。鉴此，银行一方面要以身作则，在银行间市场规范交易，与客户的交易也要遵循《准则》的规范，为客户提供更为优质、专业的服务；另一方面，银行作为市场参与的一份子，对于参与银行间市场交易的非银机构和经纪公司的行为，也应该有一定的监督和制约。

 

The banks, as a bridge between the customers and the market, have a key role in the promotion and implementation of the "Guidelines." In view of this, the banks should set a good example by providing quality professional services to the market and follow the "Guidelines" regarding their customer transactions. Banks also should have some supervision and control over the behavior of the non-banking institutions and brokerage firms participating in interbank dealings.

 

肖霆：《准则》既全面接轨国际惯例和通行规则，又充分考虑了我国外汇市场的发展阶段和实际国情。这就决定了《准则》的实施要分阶段、分步骤推进。一是分期分批组织《准则》培训，从核心成员、基础成员再到其他成员。一方面通过核心成员的市场示范效应，影响整个市场参与者，形成良好的学习氛围；另一方面，将《准则》的内容纳入从业资格认证，最终实现《准则》培训的全覆盖。二是建立完善银行间外汇市场自律行为的考评体系，奖优罚劣，进一步优化奖惩机制，督促市场参与者既要“学”准则，更要身体力行“习”准则。    

Xiao Ting: The "Guidelines" are not only fully integrated with international rules and practice, they also take into consideration the actual situation of China's foreign exchange market. This means that the implementation of the "Guidelines" should be gradual. Training as mapped out in the "Guidelines" should be conducted in batches, starting with core staff members and then expanding to others. It should set a good example through the core members in order to influence all market participants. The "Guidelines" cover the certification of professional qualifications and ultimately cover all aspects of training. They also could improve the evaluation system regarding self-discipline in the market through proper reward and punishment mechanisms. At the same time market participants are urged to put the "Guidelines" into actual practice.

 

《中国外汇》：从服务客户的角度看，《准则》的发布将会对银行带来哪些影响？

China Forex: From the perspective of customer service, how would the "Guidelines" influence the banks?

 

姚振华：《准则》在与客户交易规范上有着细致明确的规定。这部分内容有助于保护客户利益，规范银行的交易行为，减少银行与客户之间的纠纷，从而也可在很大程度上保护银行的权益。规范的交易行为也会相应地带动市场的健康发展：所有参与主体有了明确的规则去遵守，有利于形成高效安全的交易环境，在人民币国际化的趋势下，吸引更多的投资者参与中国外汇市场。

Yao Zhenhua: The "Guidelines" have clear and detailed rules regarding transactions with customers. This section helps protect the interests of the clients, regulates the bank's trading behavior and attempts to reduce disputes between banks and their customers. This protects the interests of the bank to a large extent. Standardized trading behavior will promote healthy development of the market accordingly, and all the participants have clear rules to comply with. This is conducive to the formation of an efficient and safe trading environment. This in turn should attract more investors to the market and that will be good for the internationalization of the renminbi.

 

曹守年：《准则》为中国外汇市场参与者和从业人员提供了通用性的指导原则和行业最佳实践的操作规范,适用于经我国监管部门批准从事外汇交易业务的所有机构和个人。这意味着中国外汇市场的所有参与者在对客服务时，都应遵循《准则》提出的展业原则，规范日常操作。这有利于形成市场对客服务的行业规范，促使市场参与者更加自律；也有利于贯彻以客户为中心的理念，包括交易理念、交易信息保密等，从而为客户提供更专业的服务，进一步提升银行的服务水平。

Cao Shounian: The "Guidelines" have provided common guiding principles and best practices for participants in the Chinese foreign exchange market – both institutions and individuals approved by the regulatory authorities to engage in foreign exchange transactions. This means that all participants in the Chinese foreign exchange market should follow industry principles proposed by the "Guidelines" when providing services to customers. This is conducive to the formation of industry norms and it is also conducive to the implementation of a customer-oriented philosophy, covering trading ideas and the confidentiality of trading information. It should provide customers with more professional services and improve the quality of banking services.

 

肖霆：《准则》的推出，规范了外汇市场的交易行为，对于同业客户，有助于规范双方交易行为，确保交易公平公正，防止内幕交易发生，提高交易效率，减少交易争议和纠纷；对于企业客户，通过对银行与企业行为的进一步规范，有助于银行在提高服务企业的效率、保护客户利益的同时，有效防范洗钱及相关违法行为带来的风险。

Xiao Ting: The "Guidelines" will help regulate the trading behavior of the foreign exchange market. For customers of the industry, this will help regulate transaction behavior to ensure fair trade, prevent insider trading, improve transaction efficiency and reduce transaction disputes. For corporate customers, through further regulation of banking and corporate behavior, it will help banks improve the efficiency of serving enterprise clients and protect the interests of their customers. At the same time, it will effectively prevent risks from money laundering and other illegal activities.

 

储国强：《准则》对于作为中国外汇市场主要参与者的商业银行而言，影响主要体现在以下三个方面：一是《准则》在银行现有内部管理制度的基础上细化了行为标准，形成了他律与自律的结合，有助于商业银行提升对操作风险的管理能力；二是《准则》明确了市场参与行为的边界和行为规范，有助于降低同业沟通摩擦成本，提升商业银行的业务效率；三是在推进人民币国际化的进程中，我国商业银行也在逐步加速融入国际主流体系，而《准则》能够为其提供明确的行为标准，有利于降低商业银行国际化的制度成本。

Chu Guoqiang: In the case of commercial banks, which are the main participants in the Chinese foreign exchange market, the impact is mainly in the following three areas. First, the "Guidelines" specify the standards of conduct based on the bank's existing internal management system in a combination of laws and self-discipline. This helps commercial banks enhance their management capacity regarding operational risk. Second, the "Guidelines" clarify the boundaries and the behavioral norms of market participation. This helps reduce the costs of communication within the industry to improve the efficiency of commercial banks. Third, in the process of promoting the internationalization of the renminbi, China's commercial banks are also accelerating their drive into the mainstream international system, and by providing a clear behavioral standard, the "Guidelines" can help reduce institutional costs in this effort.

 

《中国外汇》：《准则》的推出，会对企业客户带来什么样的影响？

China Forex: What kind of impact will the introduction of the "Guidelines" have on corporate customers?

 

肖霆:对于企业客户而言，随着《准则》的推出，外汇市场将变得更加高效和规范，从而使客户的敏感信息能得到更好的保护；同时，银行的报价将更加公平，有利于维护客户和银行双方的权益，并确保客户能获得全面、公平、高质的金融服务和解决方案。

Xiao Ting: For corporate customers, with the introduction of the "Guidelines," the foreign exchange market will become more efficient and standardized. Sensitive customer information can be better protected. At the same time, bank pricing will be fairer and this will protect the interests of the banks and their customers. Customers will have access to fair, comprehensive and high quality financial services and solutions.

储国强：企业客户作为中国外汇市场交易现金流的主要提供者，《准则》对其的影响主要体现在以下两个方面：一是《准则》规定商业银行不得利用重大非公开内幕信息牟取不正当利益，不得因此抢先交易。该自律规则有助于企业客户获得市场真实价格，提升企业客户通过汇率进行套期保值的效率。二是《准则》有助于进一步保护客户的交易信息，降低企业客户汇率交易所涉及的并购、合同订单规模等商业机密泄露的可能性，提升市场的规范程度。

Chu Guoqiang: Corporate customers, as the main provider of the cash flow in China's foreign exchange market, will be affected by the "Guidelines" in the following ways. First, the "Guidelines" stipulate that commercial banks shall not use significant non-public information to obtain improper benefits, such as front-running clients. The self-discipline rules help corporate customers attain real market prices and this enhances efficiency. The "Guidelines" will help protect customer transaction information, reducing the possibility that commercial secrets involving mergers and acquisitions, orders and the like are leaked.

《中国外汇》：对于中国外汇交易中心来说，《准则》的实施会带来哪些影响？

China Forex: For the China Foreign Exchange Trade Center, what will the impact be?

储国强：中国外汇交易中心作为为外汇市场提供现货及衍生品交易、交易后处理等服务的市场机构，《准则》对其的影响主要体现在以下两个方面：一是为了提升外汇市场的效率和对其的约束力，《准则》对交易中心市场基准发布和参与机构的行为规范提出了更高的要求。二是当前业务能力和资格准入培训体系已基本完备，《准则》发布后，将市场参与者交易员的行为规范培训纳入了现有培训体系，显得尤为重要。

Chu Guqiang: The China Foreign Exchange Trade Center, as a market institution, provides spot and derivatives transactions. It also provides post-transaction processing services to the foreign exchange market. The impact of the "Guidelines" is mainly in these areas. First, in order to enhance the efficiency of the foreign exchange market and apply rules that constrain behavior, the "Guidelines" put forward higher behavioral demands on those participating in the market. Second, the current business capacity and qualification training system has been basically completed. With the introduction of the "Guidelines", it is particularly important to include training for ensuring proper behavior of traders.

 

《中国外汇》：为了有效推进《中国外汇市场准则》的实施，应如何建立相关配套机制？

China Forex: In order to effectively promote the implementation of the China Foreign Exchange Market Guidelines, what support mechanism is needed?

肖霆：关于《准则》相关配套机制的建立，建议如下：一是加强《准则》的培训。外汇市场自律机制秘书处应尽快推动形成长效培训机制，定期或不定期地组织对市场成员的相关培训，让市场成员充分了解《准则》的内容和精神，并根据最新市场情况，在实践中贯彻落实《准则》的要求。二是建立市场争议与纠纷解决机制。在中国外汇市场自律机制中应设立相关机构，调解市场参与者间可能出现的交易争议与纠纷。

Xiao Ting: On building the relevant support mechanism of the "Guidelines," the recommendations are as follows. First, there is a need for strengthened training under the "Guidelines." The secretariat of the self-regulatory mechanism of the foreign exchange market should promote the formation of a long-term training mechanism as soon as possible in order to hold training sessions for market members so that they fully understand the contents and the spirit of the "Guidelines". And according to the latest market conditions, there is a need for the implementation of the requirements of the "Guidelines" in practice. Second, there is a need for the establishment of a market dispute resolution mechanism. In the self-regulatory mechanism of China’s foreign exchange market, this means setting up relevant institutions to mediate transaction disputes which may occur between market participants.

姚振华：《准则》发布之后，首要任务还是促进各参与外汇市场成员组织培训和进行学习。这方面我们已经在交易中心的协助下，安排了大量的人力物力去推进日常的培训工作，也得到了积极的响应。

Yao Zhenhua: After the release of the "Guidelines,” the primary task has been to promote the organization of training and study sessions for foreign exchange market members. In this regard, with the assistance of the trading center, a considerable amount of manpower and resources have been allocated to promote training. Responses so far have been positive.

《中国外汇》：银行作为市场参与者，在内部推动《准则》的实施方面，采取了哪些措施？

China Forex: What measures are the banks taking to promote the implementation of the “Guidelines” from within?

姚振华：花旗银行作为核心自律成员之一，从《准则》的起草阶段，就已经积极参与其中，不仅提供了国外市场的一些相关内容，也和委员会其他同事一起根据中国的情况制定了相适应的条款。在《准则》发布之后，行内业务部门协同合规、法务、运营等部门，首先比照现有的内部管理规定进行差异分析，查漏补缺，并进一步完善内部规范，作为业务部门的基本行为准则。《准则》与外资银行现有内部管理规定大多是在同一指导思想的框架下，只不过对个别细节的表述及关注的重点不同。作为内部规范，花旗银行的基本思路是要严于银行间的基础规范，即在《准则》的基础之上，在有些方面提出更严格和细致的要求。

Yao Zhenhua: Citibank, as one of the core self-discipline members, has been actively involved in the “Guidelines” process since the drafting stage began. The bank has not only helped provide content related to foreign markets, but it also works with other colleagues on the self-discipline  committee to work out terms applicable to China's own situation. After the promulgation of the “Guidelines,” bank business units cooperate with compliance, legal affairs and operations departments for implementation. The first step is to review existing internal management regulations and identify the areas where there are gaps with the contents of the “Guidelines.” The internal management at the foreign banks is largely within a similar framework as proposed by the “Guidelines.” Citibank's basic idea is to impose stricter requirements on itself than the basic norms on the interbank market.

储国强：《准则》是行业最佳实践的操作规范。农行将以此为标准，加强学习培训，不断完善自身的制度体系，融入全行合规文化建设。一是加强学习与培训。主要做法包括：组织交易部门、风险管理部门以及法律合规部门的管理人员及员工参加自律机制举办的培训，并在培训中聘请外部专家进行有关《准则》要点的讲解。二是建立健全相关制度办法，保障《准则》的实施。具体包括：梳理行内外现行相关规章制度，对照《准则》相关要求，查明差距；按照《准则》相关要求，修订并完善现行规章制度；对于空白地带，根据《准则》的要求制定相应的规章制度，以保障《准则》能够顺利实施；建立完善的交易行为规范体系，确保农行交易行为各方面都符合《准则》的规定。三是建立完善的评价考核体系，确保《准则》的实施落到实处，融入合规文化建设。一方面建立相应考评体系，将《准则》实施情况切实纳入全行考核系统；另一方面，加强行内合规文化日常建设，让合规操作的意识深入到每位员工的内心。

Chu Guoqiang: The Guidelines offer the best industry practice. Agricultural Bank of China (ABC) will take this as its own standard, expand staff study sessions and training efforts, improve its own institutional system and adapt this to the bank’s compliance culture. First, it needs to strengthen training. For instance, it needs to organize management personnel and staff from the trading department, risk management department and the legal compliance department to participate in training organized by the self-regulatory mechanism. It will also hire an external training expert to explain the relevant parts of the "Guidelines." Second, it needs to protect the implementation of the "Guidelines." It needs to have a clear pattern of the relevant rules and regulations within the industry in accordance with the requirements of the “Guidelines.” It needs to promulgate relevant rules and regulations to fill in the gaps in accordance with the relevant requirements of the "Guidelines." It needs to improve the standardized system for tracking transaction behavior to make sure ABC complies with the requirements of the “Guidelines.” Third, it needs to build and improve the evaluation and examination system to guarantee the implementation of the “Guidelines.”   It needs to establish a corresponding evaluation system, to incorporate the implementation of the “Guidelines” into the bank's assessment system. At the same time, it needs to strengthen the daily construction of its compliance culture to cultivate awareness of compliance operations by each employee.

 

曹守年：建设银行作为中国外汇市场的重要参与者和主要做市商，一直以来都在认真落实监管规定，不断完善内部管理制度，积极参与外汇市场的建设。借这次《准则》发布的机会，建行将按照全国外汇自律机制的要求和安排，做好《准则》的贯彻落实工作。一是积极参加自律机制举办的各层级《准则》培训活动，并在全行范围内做好《准则》的转培训工作，提高全行外汇从业人员对《准则》精神的把握和理解。二是在日常工作中通过执行行内规章制度，落实《准则》的通用型指导原则和最佳实践操作规范，在全行范围内以专业的职业操守和规范操作，推进相关业务。

Cao Shounian: China Construction Bank (CCB), as an important participant in China's foreign exchange market, has been seriously implementing the regulatory requirements, and it constantly improves its internal management system. CCB will work hard to implement the "Guidelines" in accordance with the requirements of the national foreign exchange self-regulatory mechanism. It will actively participate in training activities at all levels and promote further training of the "Guidelines" on a national scale to improve understanding of the spirit of the document. Second, in its daily work, through the implementation of the rules and regulations within the implementation of the general guidelines and best practice norms of the "Guidelines," it shall promote the relevant business in line with the professional conduct and standardized operation at banks.

 

 

肖霆：交行作为中国外汇市场的重要参与者，将从以下几个方面具体推动《准则》的推广与实施：一是加强沟通和联系。积极保持与外汇市场自律机制秘书处、会员单位和机构的沟通和联系，坚决贯彻、落实《准则》的相关内容和要求，助力提升市场运行的规范化和专业化。二是加强内部学习培训。交行将统筹协调外汇业务各环节从业人员开展《准则》的培训工作，分批、分阶段组织柜台操作员、总/分行国际业务人员、总行交易员、中台风控人员以及后台清算人员等全流程各环节人员，认真深入学习《准则》，确保各级从业人员都能全面了解《准则》的精神，并在交易员资质、IT系统管理、内部风险控制等方面确保符合《准则》的要求。三是对应《准则》的要求，进一步补充、完善相关内部规章制度和管理办法，加强职业操守的培训，防止内幕交易，确保公正公平，规范授权管理，确保业务合规；加强行内外汇资金条线的沟通协调，严防洗钱及其他可能的违法行为。

Xiao Ting: Bank of Communications, as an important participant in the foreign exchange market, will specifically enhance the promotion and implementation of the "Guidelines" in the following respects. First, it will strengthen communication. It will actively maintain communication with the market’s self-discipline secretariat as well as member institutions and resolutely implement the requirements of the “Guidelines.” Second, it will strengthen internal training. It will coordinate training for the practitioners engaged in all aspects of the foreign exchange business. In this way, participants engaged in activities at all levels can comprehend the spirit of the “Guidelines” and meet the requirements in IT system management, internal risk control and other aspects. Third, it needs to complement and improve the relevant internal rules and regulations and management practices according to the standards of the “Guidelines.” There is a need to strengthen training in professional ethics to prevent insider trading, ensure fairness and impartialness, and ensure business compliance. There is also a need for strengthened communication and coordination to ensure the prevention of money laundering and other illegal activities.

 

何昕：作为中国外汇市场的一名参与者，即期市场做市商，法兴（中国）将贯彻执行《准则》作为环球市场部合规建设的一个重要组成部分。作为一家全球性的投资银行，我们理解《准则》对我们在全球发展的重要意义。从全球层面上，我们将《准则》纳入法兴（中国）《外汇行为准则》的管理框架中，与已有的《交易员守则》和《销售守则》形成互补。在中国层面，我们主要在四方面从内部推动《准则》的实施。一是将《准则》纳入《法兴中国外汇交易中心银行间外汇及本币市场交易流程》中；二是将遵守《准则》列入每年年初的工作目标，并在年底的业绩考核中考核其遵守的情况；三是合规部定期要求员工对其自身和其下属（如有）就是否有违反《准则》的行为进行自查；四是组织学习《准则》的专场活动，通过互相讨论等方式，深化外汇市场参与员工对《准则》的理解和认识。

He Xin: As a participant in the Chinese foreign exchange market, the spot market maker, Société Générale (China), will make the implementation of the "Guidelines" as an important part of its global market compliance efforts. As a global investment bank, it understands the importance of the "Guidelines" to its global growth. At the global level, it has incorporated the "Guidelines"  into the management framework of the Foreign Exchange Code of Conduct of Société Générale (China), complementing the existing Trader Code and the Sale Code. For China, it mainly promotes the implementation of the Guidelines from within in the following four aspects. First, it includes the "Guidelines" into "The Interbank Foreign Exchange and Local Currency Market Trading Process at China Foreign Exchange Trading Center of Société Générale (China)." Second, it sets the goal of complying with the "Guidelines" in the beginning of each year as the work objectives, and at the end of the year it will conduct a performance assessment regarding compliance. Third, it shall conduct self-examination to see whether there are any violations by the bank or any of its employees. Fourth, it shall organize special events to study the Guidelines through mutual discussion, to deepen the understanding of the participants engaged in the foreign exchange market of the "Guidelines."