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Strengthening Principles & Code of Conduct Standards in FX Markets

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Principle 1: Ethics

Ethics: The behaviour of FX Market Participants is expected to be both ethical and professional to aid the promotion of fairness & integrity within the Market.

“Market Participants are expected to behave in an ethical and professional manner to promote the fairness and integrity of the FX Market”

Phase 1: Material for Global FX Code May 2016, FXWG

Principle 1 of the FX Global Code:

The behaviour of FX Market Participants is expected to be both ethical and professional. It will be this behaviour that will underpin the fairness and integrity of the FX Market.

These ethics principles are seen as fundamental to all aspects of a Market Participant's behaviour and therefore core to nearly all of the principles that follow thereafter.

That having been said, the FXWG envisage that it will not be possible for The Global Code to be comprehensive guide to doing business, and as such the set of principles on ethics will not be able to cover all scenarios or questions of conduct exhaustively. However, the FXWG advises that “applying judgement is fundamental to acting ethically and professionally” and therefore FX Market Participants and their staff should be guided by the following high-level principles when applying the guidance contained within the FX Global Code and at all times when taking part in the Foreign Exchange Market.

  1. Market Participants should strive for the highest ethical standards;
  2. Market Participants should strive for the highest professional standards; and
  3. Market Participants should identify and address conflicts of interest;

Examples of High Standards:

Some such examples of expected High Standards and identification of Conflicts of interest include:

Principle 2: Governance Next>>

Related Reading:

Ethics

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