Fixing FX: The Currency Trader's New Guide to Ethical Behavior
- 75-page code of conduct aims to restore trust after scandal
- Principles cover ‘last look,’ pre-hedging, info sharing
U.S. ten dollar bills and ten euro banknotes are arranged for a photograph inside a Travelex store, operated by Travelex Holdings Ltd., in London, U.K., on Monday, Jan. 12, 2015. The euro approached a nine-year low against the dollar as European Central Bank officials fueled speculation the institution will start a program of government-bond buying as early as next week to stave off deflation.
Photographer: Simon Dawson/BloombergThe $5.1-trillion-a-day currency market is getting a new playbook as foreign-exchange traders try to change their image from naughty to nice.
In a worldwide cleanup effort, more than 40 industry participants, steered by central bankers, have hammered out the FX Global Code -- 75 pages of voluntary standards aimed at rooting out misconduct in the world’s biggest financial market.