The Eurozone introduces global code of conduct to regulate foreign exchange markets
The European System of Central Banks recently introduced the publication of the foreign exchange international code of conduct; the ESCB is comprised of all EU national banks including the European Central Bank, so this standard is extremely influential within Europe. The code comes has finally been introduced, four years after reports surfaced that banks had conspired to manipulate the stock exchange with traders supporting the scheme online. The reports prompted regulators in Asia Europe and the US to look into the matter resulting in multi-billion euro fines imposed on lenders such as HSBC, Citi-bank and JP Morgan.
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