Global Code of Conduct
BoE’s Hauser urges firms to adapt to forex market fragmentation
Less sophisticated firms are paying much higher spreads, executive director says
Central banks stress commitment as FX Global Code launches
Central banks worldwide are quick to state they will comply with the new global forex code and expect their counterparties to do the same
Bank of England unveils money market code of conduct
Code is voluntary, but BoE expects market participants to sign up as it was drafted “by the market for the market”
Debelle sets timeframe for adoption of forex global code
Market participants will have six to 12 months to adjust practices once the code is published on May 25
New forex code will not be a set of rules – Debelle
New code of conduct will force participants to think about their actions, Debelle says; rules are easier to “arbitrage” than principles
Forex code working group liaising with regulators – Debelle
Many regulators are interested in understanding how the code could be used to monitor market activity, working group chairman says; both FCA and Asic are in talks
Global forex code is ‘on track’, says Debelle
Work on the code has been a “constructive and co-operative effort” by central banks and market participants, says RBA deputy; “on track” for launch in May 2017
BoE’s Salmon warns forex industry on adherence
Chris Salmon, the Bank of England's executive director for markets and lead on global code adherence, says regulation could be on the horizon as soon as 2020 if market participants don't adhere to the new Global Code
Second half of global FX code to be circulated in October – Debelle
“Significant progress” has been made drafting the second phase, says RBA assistant governor; market participants will be able to comment on draft proposals and provide feedback