Global Code must acknowledge inherent conflict in FX

Critics say the FX market is essentially full of contention and a prescriptive approach is needed

New York first: the initial part of the Global Code of Conduct was published on May 26

While the Global Code of Conduct has been welcomed by most foreign exchange market participants, privately a number of actors have expressed disappointment or levelled criticism at the new rules for failing to define controversial issues more clearly. 

The first part of the code, which lays down the boundaries of acceptable behaviour in an industry recently rocked by scandal, was published on May 26, less than a year after the Bank for International Settlements (BIS) mandated its creation.


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