On 26 May the Bank for International Settlements (BIS)  Foreign Exchange Working Group (FXWG) published the first phase of a new global code of conduct (the Coe) for operations in the global FX markets. The aim of the Code, which has been agreed to by Central Banks, market participants and infrastructure providers, is twofold in that it seeks to promote fairness and efficiency across the global FX markets whilst simultaneously raise behavioural standards and ethical awareness by all participants. The Code is published on the BIS website: https://www.bis.org/mktc/fxwg/gc_may16.pdf

360T, which has long been an advocate for fairness of wholesale market access, transparency, and high behavioural standards, is fully supportive of this Code and concurs with other industry participants that taking a principles based approach is by far the best solution to restoring trust and confidence in the FX market.

360T shall be tracking the Code as it is further developed and, where prudent, shall provide considered opinion to assist our clients with their own understanding of how to meet with the Codes obligations.