BIS FX Global Code of Conduct – First Phase Launched 26 May 2016
As the BIS FX Working Group unveils the first stage of the new Global Code of Conduct, Morgan McDonnell, ACI UK President said “The promotion of good conduct is pivotal to ACI’s existence as shown by our well-established Model Code, suite of professional qualifications and ELAC accreditation tool. The new Global Code is welcomed as our industry strives to reclaim the ethical high ground; we fully support the efforts of regulators and market participants to ensure that standards of conduct are applied, that educational tools are available to support adherence and that controls that enforce behaviours are in place. We must be seen to be responsible and accountable for our actions and to demonstrate that integrity really is our watchword.”
ACI FMA Press Release 26 May 2016
“The ACI Financial Markets Association, ACI FMA, welcomed the release of Phase One of the BIS Global FX Code of Conduct. The ACI FMA has participated in the development of the Code, and fully supports this Code. Furthermore, we will strongly urge all ACI FMA members and wholesale market participants to learn the Code, attest to their compliance and demonstrate their adherence to it…..”/ more.
WMBA Press Release 26 May 2016 – click here for full content “The Code recognises that principles rather than prescriptive regulations are the most effective way to change behaviour and encourage responsible participation in the FX market, drawing on the principles of the ACI Model Code in addition to the Bank of England NIPS Code and the guidelines of the UK’s Fair and Effective Markets Review”.
Central Bank press release – click here for full content “We expect market participants will evolve their practices to be consistent with the principles contained in the Global Code in order to promote a robust, fair, liquid, open, and transparent market underpinned by high ethical standards.
Demonstrating our strong commitment to support and promote adherence to the Global Code, central banks intend to adhere to the principles and standards of the Code where they act as market participants themselves. Further, central banks expect that their regular FX trading counterparties will adhere to the Code. We look forward to the release in May 2017 of the complete Global Code and adherence framework”.
Industry response: Profit and Loss – http://www.profit-loss.com/articles/news/regulation-news/the-wait-is-over-code-of-conduct-stage-one-unveiled Financial Times – http://www.ft.com/fastft/2016/05/26/bis-releases-fx-code-of-conduct/ EFX News – https://www.efxnews.com/story/33010/bis-fx-rules-ethics-execution-fxwg-code-conduct FTSE Global Markets – http://www.ftseglobalmarkets.com/news/bis-issues-first-phase-of-fx-market-code-of-conduct.html