A partnership of central bank regulators and private sector market participants issued the FX Global Code  to “promote the integrity and effective functioning of the wholesale foreign exchange market.” The Code focuses on six central topics: ethics, governance, execution, information sharing, risk management and compliance, and the confirmation and settlement process. The Code is not meant to impose legal or regulatory obligations on any market participant; instead it is intended solely to identify good practices and processes. (Click here for additional information on the Code in the May 26, 2017 article “New FX Code of Conduct” by Guy Dempsey of Katten Muchin Rosenman LLP.) Separately, BNP Paribas agreed to pay a US $350 million fine to the New York State Department of Financial Services as a result of allegations that the bank and its NY branch failed to implement adequate controls over its foreign exchange trading business that permitted traders to engage in "collusive and manipulative FX trading conduct" from 2007 to 2013. Additionally, the Board of Governors of the Federal Reserve System imposed a US. $1.2 Million fine and a lifetime prohibition from working with an insured depository institution on Christopher Ashton, a former Global Head of Foreign Exchange Spot Trading at Barclays Bank PLC. The FRB imposed the sanction against Mr. Ashton – who did not participate in the FRB's proceedings – for his purported role in Barclay's alleged manipulation of foreign exchange pricing benchmarks from 2010 to 2013. (Click here for background on Barclays prior settlement with the FRB in the article, "Five Banks Plead Guilty to Forex Manipulation Activities and Agree to Fines Totaling US $5.6 Billion and Other Sanctions"​ in the May 31, 2015 edition of Bridging the Week.)