Tag: FX Code of Conduct

FX Code of Conduct

Cox to Join BNP Paribas

Profit & Loss understands that Chris Cox has left the Bank of England and is joining BNP Paribas in London.
Cox is believed to be joining the bank in a new role leading the bank’s response to the FX Global Code of Conduct, ensuring it fulfils its intended Statement of Commitment to the Code and strengthening internal procedures to ensure compliance with the Code’s principles.
Cox has been at the Bank of England for nine years, starting as an FX and money market trader and analyst.

Opinion: Cable Flash Crash Raises Questions for Code of Conduct

This morning’s flash crash in Cable in which it dropped 9.5% in seconds and the low of which is still disputed raise some interesting questions for the creators of the FX Code of Conduct.
Several sources say that the mayhem was triggered by one account executing a large trade into the market, possibly for GBP 200 million. This was enough to send the market into freefall as liquidity during the already thin early Asian session, thinned out further.
If the order was executed by one account, or even by several accounts on behalf of one customer, questions have to be asked about why they did it then, and how they executed.

FSB Publishes Update on Misconduct Reform

The Financial Stability Board (FSB) has published its second report on progress in its workplan of Measures to reduce misconduct risk that it agreed in May 2015.
The board says that ethical conduct, and compliance with both the letter and spirit of applicable laws and regulations, is “critical” to public trust and confidence in the financial system.
It adds that misconduct is also relevant to prudential oversight as it can potentially affect the safety and soundness of a particular financial institution.