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A global code of conduct for the wholesale FX market was
launched last week. Named the FX Global Code, it was released at
the same time as the Global Precious Metals Code, prepared by the
LBMA, which covers the wholesale precious metals market. Aligned
with these two codes of best practice is a third code, the UK Money
Markets Code, issued by the Bank of England's Money Markets
Committee in April and covering participants in the deposit, repo
and securities lending markets.
None of these codes supplants or modifies existing laws and
regulations applicable to a firm. They are instead standards of
best practice which regulators may endorse by incorporating them
within their supervisory practices and their expectations of
affected firms. Please click on the following links for a summary
of each of the codes:
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
