Codes of Conduct
The Codes of Conducts was updated in May 2016 and is a set of global principles of good practice in the foreign exchange market (Global Code) to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market (FX Market). It is intended to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behavior.
BIS - Bank of International Settlements
Relevant articles for Recording and Surveillance
Information Sharing - Market Participants need to ensure that employees are only communicating information that is accurate and truthful via communication channels such as voice, email, IM and chat.
Confidential Information - Market Participants need to ensure employees are not passing information that has not been made public.
Complete and Accurate Data - Market Participants are expected to ensure employees are not passing information that has not been made public.
Measure and Monitor - Market Participants are expected to promote and maintain a robust control and compliance environment to effectively identify, measure, monitor, manage, and report on the risks associated with their engagement in the FX Market.
With the FX Codes of Conduct firms must provide evidence they can detect behavior that may have relevance in terms of market abuse and this evidence must be readily available to regulatory investigation if requested. To assure all is done in compliance, NICE COMPASS can be used and for communications monitoring use Communication Surveillance.
With the FX Codes of Conduct firms must be able to reconstruct a trade from all the constituent parts of the deal as and when requested. This can be done with Holistic Surveillance.