In May 2014, the Governors of the Bank of International Settlements announced the formation of the Foreign Exchange Working Group (FXWG) to strengthen code of conduct standards and principles in FX markets.
The FXWG, which aims to facilitate the establishment of a single global code of conduct standards and principles and to promote greater adherence to these standards and principles has now been established. The global code is intended to cover all parts of the global wholesale FX market, with appropriate consideration to local circumstances and provide input into the wider official effort on market conduct coordinated by the Financial Stability Board.
It is intended that the code, as well as the proposals to ensure greater adherence, will be finalised in May 2017.
View Working group to strengthen code of conduct standards and principles in foreign exchange markets has commenced work, 24 July 2015