BIS completes draft of Global Code of Conduct phase two

The FXWG plans to send the document to various FX committees in the coming weeks

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The Bank for International Settlements' (BIS) foreign exchange working group (FXWG) has finished the first draft of the second phase of the Global Code of Conduct, part of which is aimed at developing adherence measures for the overall principle-based set of rules, FX Week has learned.

The draft will be sent to the FX committees of participating central banks soon, and subsequently to market participants for comments in early October.

"We have a draft as of this week, the very first draft. It

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