In a release to accompany a new survey
taken by the firm, LMAX Exchange casts doubt on the ability of the FX Global
Code of Conduct to deliver industry reform in a timely fashion.
While noting that the first release ...
Profit & Loss talks to Marshall Bailey, president of ACI -
The Financial Markets Association, about the implementation of the Global Code
of Conduct within the FX industry.
Profit & Loss: One of the biggest concerns
that is always brought up regarding ...
The man responsible for guiding the new foreign exchange markets' Global Code of Conduct, Guy Debelle, has been named as deputy governor of the Reserve Bank of Australia as part of the changes taking place as current governor Glenn Stevens steps down in favour of new incumbent Philip Lowe. Lowe was named as the new governor in May and has welcomed Debelle’s appointment as he steps up from assistant governor (markets), where part of his work was heading the BIS FX Working Group
What is widely seen as one of, if not the, biggest challenge surrounding the BIS FX Working Group’s work on developing the Global Code of Conduct – adherence – was addressed by Chris Salmon, executive director, Markets at the Bank of England earlier this week and Salmon – the man responsible for the adherence piece in the Code – was optimistic that it would be effective.
Addressing ACI UK’s Square Mile Debate, Salmon noted, “It is no secret that all has not been well in FX or FICC markets more generally.”
He cited the erosion of trust in markets to preface his speech but identified an “ethical drift” resulting from “structural weaknesses” that presented opportunities for misconduct.
Nothing says “tick box society” to me more than the world’s obsession with data and being able to quantify, and therefore justify, everything. We have finally reached the point where we have stopped doing the right thing by people because it may leave a couple of boxes un-ticked. There is a lot of attention paid to righting the industry's wrongs but too little attention is paid, in my view, to the psychological impact of reform. The FX industry has psychological scars that need healing.
Bank Negara Malaysia is issuing a policy document on a proposed Code of Conduct for Malaysian wholesale financial markets “to uphold professionalism and integrity in the financial markets”.
The draft sets out principles and standards to be observed by market participants in the Malaysian wholesale financial markets, including FX and money markets. It also outlines the administrative, civil and criminal actions that may be undertaken by Bank Negara on misconduct
Market participants are invited to provide written feedback on the draft, including suggestions on areas requiring further clarity and alternative proposals that Bank Negara should consider, ahead of a proposed release early in 2017.