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In a move to rebuild confidence following years of scandals, banks, investors, and policymakers revealed Thursday new regulations for trading in global foreign exchange markets.
The 78-page code, coordinated and issued by the BIS, complements an earlier version published in 2016. This is a critical instrument of the industry's response of accusations of market manipulation and the exploitation of client information.
The majority of terms in this document were unveiled a year ago and the latest version changes guidelines on how to contend with electronic trading. The 55 principles have been gathered through consultation with all primary stakeholders for market players to know how they should administer business in the biggest financial market worldwide.
All central bankers that took part in the endeavor vowed to follow the principles and would demand it of their counterparts in the currency market.
RBA Deputy Governor Guy Debelle, who spearheaded the panel behind this work, said they recognized the necessity to renew the trust in the $5 trillion a day market, adding the rules will aid in developing the market.
