The FICC Markets Standards Board (FMSB) has welcomed the new BIS Global FX Code.
It says the code is an important step forward in improving practice standards in wholesale FX markets.
Mark Yallop, chair of FMSB, says: “Conduct in the foreign exchange markets was one of the areas of concern highlighted by the UK Government’s Fair and Effective Markets Review, which led to the establishment of the FMSB.
“FMSB contributed its prior work on foreign exchange to the BIS FX Working Group in 2015 and we believe that the new BIS Code will make a significant contribution to strengthening standards in the international forex markets.
“It will also complement the work we are undertaking on practice standards in other areas of the wholesale FICC Markets.”