Compliance countdown for unnamed trades

LONDON -- While fund managers have outwardly welcomed the changes to the Bank ofEngland’s (BoE)Non-Investment Products (Nips) code, which were published in May, many are failing to comply with its requirement for clients to share their identities with banks’ legal and compliance departments while maintaining ‘Chinese walls’ with traders.

Two top 10 FX banks, which asked to remain nameless, said the situation remains a problem for them. One head of FX at a US bank in London said his bank had been

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