In order to support the implementation of the Global FX Code in practice, the National Bank of Georgia, with the support of Axiom Global experts and direct involvement of market participants, has done significant work and developed a new rule, which is based on the Global FX Code’s basic principles. In addition, the rule regulates several important issues for the Georgian market. Compliance with the rule will be mandatory for FX market participants, which will facilitate faster implementation of principles of the Code in the Georgian market. It will enter into force in stages and will help financial institutions to bring their operations faster in line with the requirements of the Global Code. The adaptation of the FXGC also aims to enhance competition in the foreign exchange market, facilitate the entry of non-bank participants into the Interbank FX market, increase liquidity and improve transparency. In accordance with international best practice, banks will be required to make transparent and publish full service rates and set of terms and conditions on the website. Process and execute orders respecting confidentiality and client’s best interest.

In a related move, the National Bank of Georgia is also implementing the B-Match platform to expand access and transparency in the FX market. Importantly, with the enactment of the new rule, the platform will become accessible to a wider circle of participants. Both banks and companies will be able to trade in the system. In addition, companies will have the choice to either engage in the terminal themselves and trade in currency directly through it or place applications with the help of the bank.