World Watching As Forex Market Aims To Clean Up Act

Law360, London (May 26, 2017, 9:51 PM BST) -- A new global code of conduct to clean up the $5 trillion daily foreign exchange market is a golden opportunity for financial firms to restore faith after a spate of trading scandals, lawyers say — but, they warn, the voluntary code also provides regulators a handy playbook to dish out massive fines for any future misconduct.

The Bank for International Settlements on Thursday launched the second phase of the Foreign Exchange Global Code to great fanfare, cementing a partnership between 21 central banks and many private-sector participants to rehabilitate the market tarred with several enforcement probes and antitrust litigation alleging manipulation....

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