Currency Market Adopts Voluntary Code to Clean Tainted Image
This article is for subscribers only.
Representatives of the $5.3 trillion-a-day currency market revised their guidance on global best market practices as the industry sought to rebuild trust after its image was tarnished by investigations into the rigging of exchange rates.
Traders mustn’t engage in activity that may constitute manipulation, abuse, fraud or anti-competitive behavior, according to the document, which was agreed on by eight committees of market participants around the world. The voluntary code didn’t include details of how the rules would be policed.