First phase of new global forex code of conduct formulated

London

BUSINESSES, investors, traders and travellers are hoping that a new global code of conduct will ensure a fair, transparent and liquid foreign exchange market.

The first phase of foreign exchange principles has been formulated by a group of 16 central banks. Leading the development of the new global standards are Guy Debelle, assistant governor in financial markets at the Reserve Bank of Australia (RBA), who also chairs the Foreign Exchange Working Group of the Bank for International Settlements; Simon Potter, head of markets group at the Federal Reserve Bank of New York; and Chris Salmon, executive director in markets at the Bank of England. Supporting the central banks was a group of industry participants chaired by David Puth, chief executive of foreign exchange settlements firm CLS Group.