Chinese stocks carved out their biggest gain in two months amid speculation that A-shares could be included in MSCI’s global benchmarks.
The FX Working Group (FXWG), put together by the Bank for International Settlements, has today released the first stage of the new Global Code of Conduct.
- Global Code: It Will Have Teeth – Profit & Loss
- Q&A: How to act like an ethical FX trader – FT (subscription)
The Foreign Exchange Professionals Association (FXPA) is in full support of the first phase of the Global Code of Conduct for the Foreign Exchange Market, which was published this morning following a meeting of the Global Foreign Exchange Committees in New York.
“The Foreign Exchange Professionals Association (FXPA) praises the global coordination and work of the Bank for International Settlements’ Foreign Exchange Working Group in strengthening global standards for those operating in the FX market. This has been an enormous undertaking, done at a tremendous pace, and FXPA welcomes today’s release of the Global Code and will support the adoption of its principles,” says FXPA in a statement.
According to the Bank for International Settlements (BIS), the Foreign Exchange Working Group (FXWG) was established to strengthen code of conduct standards and principles in FX markets. The working group, which operates under the auspices of the Markets Committee, is headed by Guy Debelle (Reserve Bank of Australia), Chairman of the Markets Committee.
Japanese Prime Minister Shinzo Abe warned leaders at the G7 summit that several indicators–namely commodities prices and the growth rate of emerging markets–are at levels seen before the financial crisis in 2008, the Nikkei website reported Thursday.
China’s central bank weakened its currency fixing to the lowest since March 2011 as the dollar strengthened.
A US appeals court on Monday reinstated a civil lawsuit accusing 16 major banks of conspiring to manipulate the Libor benchmark interest rate. The ruling, which overturns a 2013 decision, could bankrupt the institutions, the judges warned.
The US is on the verge of meeting most of the economic conditions the Federal Reserve has set to increase interest rates next month, according to a member of the rate-setting Federal Open Market Committee.
- El-Erian Says Fed Is Talking Up Rate Hike – Bloomberg
- Fed’s John Williams Says Election Won’t Stop Central Bank from Acting on Rates – WSJ (subscription)
The risk of Britain exiting the European Union is a key concern for Group of Seven finance chiefs amid fears a vote to leave the EU in just over a month could roil international markets.
A search is under way for an EgyptAir flight from Paris to Cairo which has disappeared with 56 passengers and 10 crew on board – including one British national.
- EgyptAir Flight from Paris to Cairo Missing with 66 on Board – Reuters
- EgyptAir Paris-to-Cairo Flight Vanishes With 66 on Board – Bloomberg