Central banks agree new rules for FX market conduct
Banks must prevent traders sharing order information under a new global code of conduct that bans traditional slang usages and gives dealers more guidelines for what they can and cannot say about the world's biggest financial market. The 8-page document, seen by Reuters, is part of efforts to head off future abuses after two years of scandal over market manipulation. It was agreed this month by the foreign exchange market committees run by all of the developed world's major central banks. It will sit as a global guide on top of the existing codes approved by each committee and also instructs asset managers to work harder at ensuring they are getting the best deal they can on currency transactions for their clients. "FX market participants are advised to apply the global 'high-level principles' set out in this document to the FX market as it evolves, including with respect to new FX products, processes and technologies," the document, dated March 12