Central bank body publishes code of conduct for FX traders
The global code, published by The Bank for International Settlements, took two years to draw up and followed a series of scandals in the foreign exchange markets, including attempted manipulation.
Drawn up with input from the private sector, the code sets out 55 principles for "good practice" in the FX markets. It does not impose legal or regulatory requirements, though some bodies, such as the Paris-based ACI Financial Markets Association, have said they will require their members to commit to it.
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The fines have been levied, compliance officers hired, and outside counsel engaged. Has anyone counted the total cost?