WMBA.com --The Wholesale Markets Brokers’ Association [“WMBA”]* welcomes the publication by the Bank of International Settlements [“BIS”]** of the interim draft of the Global Code of Conduct. The WMBA fully supports these coordinated efforts to promote the integrity and effective functioning of the wholesale FX markets through the formal adoption of common international standards and professionalism. ALEX MCDONALD, CEO, WMBA
Work on the Code follows the analysis by the FSB Working Group on the FX market published in September 2014 and sets consistently high and wide ranging standards for conduct and behaviour across all the major trading centres. It is therefore essential to view the Code as complementary to existing regional regulations governing the FX market, with valuable support and input not only from central banks but from market practitioners and infrastructure providers, which has been absolutely key to its success. ALEX MCDONALD, CEO, WMBA
The Code recognises that principles rather than prescriptive regulations are the most effective way to change behaviour and encourage responsible participation in the FX market, drawing on the principles of the ACI Model Code in addition to the Bank of England NIPS Code and the guidelines of the UK’s Fair and Effective Markets Review. DAVID CLARK, CHAIRMAN, WMBA
WMBA’s members will be important contributors to the Code, as the next phase addresses the roles of trading venues and brokers, along with the adherence standards. We look forward to continued work on the Code, as it promotes professionalism and high standards and guarantees market participants access to liquid, transparent and, most importantly, fair FX markets. DAVID CLARK, CHAIRMAN, WMBA
