Sunday, May 31, 2015

BIS Forms Consultation Committee to Address FX Practices

  • Amidst the series of legal settlements in recent months by global banks for forex market manipulation, the  Bank for International Settlements (BIS) has announced that it will set up a working group under its Markets Committee to study improvements in the foreign exchange markets.  

    This new committee will: 

    • facilitate the establishment of a single global code of conduct standards and principles, 
    • promote greater adherence to these standards and principles, and 
    • provide input into the wider official effort on market conduct coordinated by the Financial Stability Board.

    The working group will be chaired by Guy Debelle (Reserve Bank of Australia), Chairman of the Markets Committee.