Tacman Posted March 27, 2015 Report Share Posted March 27, 2015 (Bloomberg) -- Central banks in the world’s biggest currency markets will publish on Monday principles of behavior and ethics for foreign-exchange trading, according to a person familiar with the document.The “Global Preamble: Codes of Best Market Practice and Shared Global Principles,” inspired by a Financial Stability Board proposal in September, was ratified after consultations in eight markets around the world, according to the person, who asked not to be identified because the talks are private.The global move to improve standards of behavior is part of an overhaul after allegations traders colluded to rig rates in the $5.3 trillion-a-day currency market. The list of principles was the first item for discussion at the annual global meeting of foreign-exchange committees that was hosted by the Bank of Japan on Monday, according to an agenda posted on the Federal Reserve Bank of New York’s website. The delivery of the principles is on schedule after a consultation period that was slated to end this month. The proposal was circulated to local foreign-exchange market committees managed by central banks in Australia, Canada, Hong Kong, Britain, New York, Singapore, Tokyo and by the European Central Bank, which have backed the preamble, the person said.In London, the world’s biggest currency market, the Bank of England’s Foreign Exchange Joint Standing Committee was presented the principles at a meeting on March 18 by the BOE’s Head of Foreign Exchange Michael Cross. London FixThe FSB’s recommendations include requirements for systems and controls to develop and promote ethical behavior, and codes of conduct. In its Sept. 30 report, regulators had supported extending the width of the trading window used to calculate foreign exchange rates to five minutes from the one-minute windows in which the WM/Reuters rates, including the key 4 p.m. London fix, were being set.The Wall Street Journal earlier reported that central banks had agreed on a set of guidelines for the currency market. It said that the principles would ban traders from sharing client identities and information and disclosing data that could allow someone to deduce that information. http://www.bloomberg.com/news/articles/2015-03-26/global-currency-trading-principles-said-to-be-ready-for-release 3 Link to comment Share on other sites More sharing options...
skeetdog Posted March 27, 2015 Report Share Posted March 27, 2015 Thanks Tacman...This'll be something to keep an eye on...''Thanks for the heads up''.... 1 Link to comment Share on other sites More sharing options...
Boozer Posted March 27, 2015 Report Share Posted March 27, 2015 Monday we'll see what changes Link to comment Share on other sites More sharing options...
pattyangel Posted March 28, 2015 Report Share Posted March 28, 2015 Count me in on keeping an eye on this movement. I'm wondering if this is pertaining to Middle Eastern CBI banks as well. They weren't mentioned in the article. 1 Link to comment Share on other sites More sharing options...
sandfly Posted March 28, 2015 Report Share Posted March 28, 2015 THANKS Link to comment Share on other sites More sharing options...
climber7 Posted March 30, 2015 Report Share Posted March 30, 2015 Anyone have any intel on this today? Link to comment Share on other sites More sharing options...
Recommended Posts