New guidelines remind traders they must behave in an 'ethical and professional manner': Don’t lie or rig rates

New traders code spells out:Lying is wrong, you shouldn’t fix rates and insider dealing is out of the question too. These are just three in a list of do’s and don’ts it has been felt necessary to explain to financiers working in exchange rate markets.

The guidelines remind traders they must behave in an ‘ethical and professional manner’. And they stress it is important to ‘act honestly in dealings with clients’.

Code of conduct: The guidelines remind traders they must behave in an ‘ethical and professional manner’

Code of conduct: The guidelines remind traders they must behave in an ‘ethical and professional manner’

Introduced by the Bank for International Settlements – essentially a central bank for central banks – the guidelines come in the wake of rate rigging scandals which have seen banks fined.

But campaigners were dismissive of the code, saying bankers shouldn’t need a rulebook to understand what was ethical.

Greg Ford of Finance Watch said: ‘It’s good that these guidelines are being introduced, but it says a lot about the incentives and culture of certain activities that this needs to be spelt out.’

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