FCA recognises the revised FX Global Master Agreement
The Financial Conduct Authority (FCA) has published a statement confirming that it recognises the revised FX Global Master Agreement (GMAs).
The revised GMAs, published by the International Swaps and Derivatives Association (ISDA) in October 2020, update the standard terms and conditions for FX derivatives transactions.
"The FCA recognises the revised FX Global Master Agreement, which incorporates the ISDA 2020 FX Derivatives Definitions and the ISDA 2020 Master Agreement for OTC Derivatives," the FCA said.
The FCA stated that it will continue to monitor the market and assess the impact of the revised GMAs on UK firms.
"Firms should be aware of the potential implications of the revised GMAs on their business models and risk management practices," the FCA added.