Forex market to adopt global code of conduct by end-Q3

Participants excited about conduct guidance, but say firms' internal behaviour will ultimately create change

Key date: BIS working group expected to publicly release first phase on May 25

Foreign exchange market participants are expected to begin implementing the new global code of conduct by the end of the third quarter of 2016, a senior industry figure disclosed at a recent gathering.

Discussing the issue, under Chatham House rules, of culture and the depleted trust in the forex market, panellists said the new code will complement regulation and not replace it.

"The code... is not intended in any way to replace regulation, particularly in global markets, but to supplement and

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