BIS welcomes FX best practices: BIS has issued a statement welcoming initiatives of the foreign exchange (FX) committees designed to strengthen code of conduct standards and principles in FX markets. The BIS governors agreed to set up a working group under the auspices of the Markets Committee to take the issues forward. The working group will aim to facilitate the establishment of a single global code of conduct standards and principles, promote greater adherence to these standards and principles, and provide input into the wider official effort on market conduct coordinated by FSB. (Source: Economic Consultative Committee Statement on FX Market Best Practices)