I have learnt a life lesson – never promise a colleague you will write a column involving a theme they have suggested. I just did and therefore I hereby give you some observations on how specific instances of misconduct have repeated over the years; my thoughts on the latest in what could be a long running saga involving FXCM; an opinion on how traders have borne the brunt of misconduct charges due to cultural weaknesses at their institutions; and hedgehogs!
Tag: FICC Market Standards
FICC Market Standards
What is widely seen as one of, if not the, biggest challenge surrounding the BIS FX Working Group’s work on developing the Global Code of Conduct – adherence – was addressed by Chris Salmon, executive director, Markets at the Bank of England earlier this week and Salmon – the man responsible for the adherence piece in the Code – was optimistic that it would be effective.
Addressing ACI UK’s Square Mile Debate, Salmon noted, “It is no secret that all has not been well in FX or FICC markets more generally.”
He cited the erosion of trust in markets to preface his speech but identified an “ethical drift” resulting from “structural weaknesses” that presented opportunities for misconduct.