Global banking regulators are seeking a single set of conduct standards for players in the global foreign exchange markets.

The Bank for International Settlements (BIS) said Monday it has agreed to set up a working group to develop standards for trading in foreign exchange markets. The announcement comes following meetings of the BIS’ major policy groups in Basel over the past couple of days.

“The BIS governors welcome current initiatives of the foreign exchange committees to strengthen code of conduct standards and principles in foreign exchange markets,” said Agustín Carstens, chairman of the BIS’ Economic Consultative Committee (ECC) and the Global Economy Meeting (GEM).

The GEM is comprised of the governors from 30 central banks in major advanced and emerging market economies. The ECC is an informal group that supports the GEM; it includes the governors that participate in the BIS board meeting and the BIS general manager.

“The BIS governors have agreed to set up a working group … to take these issues forward with a view to facilitating the establishment of a single global code of conduct standards and principles, promoting greater adherence to these standards and principles, and providing input into the wider official effort on market conduct coordinated by the Financial Stability Board,” Carstens said.