BIS has published a speech about the Global Code of Conduct for the foreign exchange (FX) market made by Guy Debelle, Assistant Governor (Financial Markets) of the Reserve Bank of Australia. The Code sets out global principles of good practice in the FX market to provide a common set of guidance to the market, including in areas where there is a degree of uncertainty about what sort of practices are acceptable, and what are not. Mr Debelle reiterated that one of the Code’s central aims is to be principles-based rather than rules-based. The first phase of the Code, due in May, covers ethics, information sharing, execution (including mark-up) and confirmation and settlement. The second phase will cover topics such as governance, risk management and compliance, as well as further aspects of execution including e-trading and platforms (including last look), prime brokerage, and the unique features of FX swap, forward, and option transactions. (Source: BIS publishes speech on code of conduct in FX market)