Central bank officials set 2016 interim deadline for new forex code

London

CENTRAL bank officials are moving ahead with new guidelines to eradicate misconduct in currency markets and aim to publish some details within eight months, in preparation for completion in 2017.

Speaking in London on Wednesday, Reserve Bank of Australia assistant governor Guy Debelle, who chairs the Bank for International Settlements' foreign-exchange working group, said the global code will replace existing guidelines and aim to remove any excuse of ignorance in the case of breaches. The initiative comes after foreign-exchange rate rigging undermined market confidence, resulted in traders being fired or suspended and saw huge fines levied on financial institutions.