Global code adoption expected by summer's end

While participants are excited about the conduct guidance, they say firms' internal behaviour is what will ultimately create change

On the button: the BIS working group is expected to publicly release the first phase on May 25

Foreign exchange market participants are expected to begin implementing the new global code of conduct by the end of the summer, a senior industry figure disclosed at a recent closed-door gathering.

Discussing the issue, under Chatham House rules, of culture and the depleted trust in the FX market, panellists said the new code will complement regulation and not replace it.

"The code... is not intended in any way to replace regulation, particularly in global markets, but to supplement and add to

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