Currency Market Crafts Code After Banks Pay $9 Billion in Fines
- Industry group forms guidelines on ethics, information sharing
- Principles to 'raise the stakes' for foreign-exchange market
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In about six weeks, currency traders will get a handbook designed to root out bad behavior and price manipulation that led to $9 billion in bank fines and penalties.
A group of foreign exchange market participants, under the auspices of the world’s biggest central banks, is drafting a code of conduct that will guide behavior across the $5.3 trillion-a-day industry. The first set of principles is expected to be finalized by the end of May, according to David Puth, an industry executive leading the process.