The South African Reserve Bank (SARB) and the Financial Services Board (FSB) deem it appropriate to conduct a review of the foreign exchange trading operations of authorised dealers. Similar to the recent review of the Johannesburg Interbank Average Rate (Jibar), which culminated in the adoption of the Jibar Code of Conduct in March 2013, this review is intended to confirm and, where appropriate, strengthen the level of adherence to best practices in foreign exchange dealing, minimise the risk of manipulating benchmarks and sharing confidential client information, so as to enhance the transparency, efficiency and integrity of the foreign exchange market. The SARB and the FSB have taken note and consulted with regulators in a number of countries that have been investigating banking institutions over various improper practices. More recently, supervisory authorities in certain international jurisdictions have been conducting reviews focusing on foreign exchange trading operations to determine whether there is/has been any misconduct, collusion, sharing of confidential information and/or manipulation of foreign exchange benchmarks. At this stage there are no indications of widespread misconduct or malpractices in the South African foreign exchange market. However, given the broad-based nature of investigations in other jurisdictions that also involve trading in emerging market currencies, and as part of ongoing consultations with authorised dealers, it is deemed prudent to undertake a review of authorised dealers’ foreign exchange trading operations. The Governor of the SARB and the Chief Executive Officer of the FSB  have appointed Mr James Cross, former Senior Deputy Governor of the SARB, to lead a task team that will engage in a collaborative process with authorised dealers, and produce a report to advise the SARB and the FSB on its findings and recommendations. It is expected that the task team will report its initial findings during the second quarter of 2015.  Issued by:Hlengani MathebulaHead: Group Strategy and CommunicationsTel: +27 12 313 4210Cell: +27 82 448 9219​