A new global code to curb attempts at rigging the world’s currency markets may need tweaking just months after it was published, a senior Bank of England official said on Tuesday, September 12.
Central bankers and the forex industry published a voluntary code of conduct in May in response to banks being fined billions of dollars for rigging currency benchmarks.
Chris Salmon, executive director for markets at the BoE, said an aspect of the code’s “last look” section may need changing. This refers to the ability for traders to reject a trade at the last minute.
