The Federal Reserve, the Reserve Bank of Australia and the European Central Bank (ECB) have all put pressure on currency-trading banks to adopt a new global foreign exchange code of conduct.
The ECB is merely “inviting” other institutions to sign the code of conduct due to legal reasons, but the bank has set compulsory requirements for all member of its industry contact group.
The Federal Reserve and the Reserve Bank of Australia have both said they they will require all currency traders that work with them to sign the code of conduct and other institutions have said that they need more time to make formal statements.
The global code of conduct is the result of two years of work after multiple FX rigging scandals appeared all over the world.
Full Content: Reuters