mardi 24 mars 2015
Central banks agree new rules for FX market conduct
Posted on 06:07 by nice news
Banks must stop traders sharing order information under a new global code of conduct that bans traditional slang usages and gives dealers more guidelines for what they can and cannot say about the world's biggest financial market.
The 8-page document, seen by Reuters, is part of efforts to head off abuses after two years of scandal over market manipulation. It was agreed this month by the foreign exchange market committees run by all of the developed world's major central banks.
It will sit as a global guide on top of the existing codes approved by each committee and also instructs asset managers to work harder at ensuring they are getting the best deal they can on currency transactions for their clients.
"FX market participants are advised to apply the global 'high-level principles' set out in this document to the FX market as it evolves, including with respect to new FX products, processes and technologies," the document, dated March 12, said.
Two years of regulatory investigations that have led to several billion dollars in fines for banks have quashed the constant chatter of a market traditionally keen on relationship-building by phone, in bars and over electronic chats.
The 8-page document, seen by Reuters, is part of efforts to head off abuses after two years of scandal over market manipulation. It was agreed this month by the foreign exchange market committees run by all of the developed world's major central banks.
It will sit as a global guide on top of the existing codes approved by each committee and also instructs asset managers to work harder at ensuring they are getting the best deal they can on currency transactions for their clients.
"FX market participants are advised to apply the global 'high-level principles' set out in this document to the FX market as it evolves, including with respect to new FX products, processes and technologies," the document, dated March 12, said.
Two years of regulatory investigations that have led to several billion dollars in fines for banks have quashed the constant chatter of a market traditionally keen on relationship-building by phone, in bars and over electronic chats.
Central banks agree new rules for FX market conduct
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