Money Markets, FX Codes Could Get Boost From FCA
Law360, London (October 2, 2018, 9:28 PM BST) -- The U.K. markets regulator is considering endorsing two voluntary codes of conduct setting out good practices for wholesale foreign exchange markets and money markets, a senior official said Tuesday, putting greater onus on senior managers to sign up to them.
Edwin Schooling Latter, head of markets policy at the Financial Conduct Authority, said if the regulator decides to formally back the industry-developed codes, it should not be seen as a fundamental change but a “bit of icing on the cake," since the U.K.’s accountability rules already require banks to observe “proper standards of market conduct.”
“The endorsement is: This is a...
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