New FX Code of Conduct -

The Foreign Exchange Working Group (FXWG), operating under the auspices of the Bank for International Settlements, has published a final version of its “FX Global Code” (the “Code”), a code of conduct for foreign exchange markets. (This version incorporates Part 1 of the Code that was published in May 2016.) The Code was developed to provide a common set of guidelines to promote the integrity and effective functioning of wholesale foreign exchange markets. The Code does not, however, impose legal or regulatory obligations on “Market Participants,” a term that encompasses most entities (including trading platforms) active in wholesale foreign exchange. The Code will be collectively owned and maintained by the Global Foreign Exchange Committee, a new global association of regional FX committees.