Widespread attestations being considered for code adherence

A revised draft of the new GCC for foreign exchange market will be released for comment in December

Guy Debelle: "Firms are more likely to adhere to the code if they believe that their peers are doing so too."

The Bank for International Settlements' (BIS) foreign exchange working group (FXWG), which is developing the Global Code of Conduct for the wholesale market, is considering using widespread attestations to ensure the code is being adhered to.

The plan was revealed by Guy Debelle, deputy governor of the Reserve Bank of Australia (RBA), during a November 11 speech to the Financial Services Institute of Australasia (Finsia) regulators panel in Melbourne, Australia.

At the same event, Debelle

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