Central bank body publishes code of conduct for FX traders

Image: Financial News

A long-awaited code of conduct for foreign exchange traders has been published in a bid to restore trust in the world's $5tn-a-day currency markets, with major banks, asset managers and trading venues expected to commit to it.

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.

Read the full article on the Financial News website

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