Global code of conduct to fill gaps in principal versus agent trading and last look
BIS will work towards plugging gaps in existing codes
Guy Debelle, assistant governor at the Reserve Bank of Australia and chair of the Bank for International Settlements (BIS) market committee, has identified six key gaps that will need to be addressed by the new global code being drafted by the BIS Foreign Exchange Working Group (FXWG).
Speaking at a BIS press briefing, Debelle explained that the new code will need to plug the gaps that exist around when it is appropriate to trade as principal or as agent, how to handle the issue of stop-losses
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