French banking giant cited for “unsafe and unsound” practices in FX markets
Central banks are calling on FX industry firms to bring their trading practices in line with the principles of the code and to support its adoption
The bank was fined US$136.9 million for deficiencies in its oversight of FX traders and US$19.7-million fine for “gaps” in its compliance program for the Volcker Rule
Although FX trading activity generally declined from April to October, it was up compared with the corresponding period in 2015
Three global banks agree to pay more than $15 million in settlement
Principles aim to improve behaviour in a sector that has been hit with trading scandals in recent years
The proposed changes reinforce the distinction between FX rate fixings used as benchmarks for transactions and the exchange rates that the BoC publishes for informational purposes
But there is still room for improvement among smaller players, report says
International group aims to develop a single global code of conduct and to promote adherence to these standards and principles
U.S. proposals designed to minimize major losses