Currency traders to be subject to a global code

The first draft of a new global code of conduct for the $5tril a day currency market seeks to define better what traders can and cannot say to one another.

Reuters reports that dozens of traders have been suspended or sacked and banks fined billions of dollars, following investigations into charges that dealers at major banks improperly shared information about client orders, in order to fix markets.

Banking and official sources told Reuters the new document had been circulated last week to market participants, industry representatives and major central banks.

On the basis of feedback over the next two to three weeks, the document should form the basis of a first full version of the code to be published in May, they said.

To access the complete Reuters article hit the link below:

Global code aims to tell currency traders what to say, and what not

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