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FX Code Seeks to Drown Out Drumbeat of Scandal
Following on the heels of the FX Fix scandal that rocked the FX industry over the course of the past few years, the Bank for International Settlements (BIS) set up a working group to draw up a Global Code of Conduct for FX market participants, by FX market participants. Several of those involved in crafting the Code addressed attendees of Profit & Loss Forex Network London to discuss some of the adherence and compliance mechanisms drafted into the Code. Speaking at the event, Chris Salmon, executive director, Markets, at the Bank of England (BoE), said: “The drumbeat of scandal in relation to the FX industry created issues for market practitioners, but it also became a concern for the central banks of the world.”

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