New forex code will not be a set of rules – Debelle
New code of conduct will force participants to think about their actions, Debelle says
The global foreign exchange code of conduct being drafted will be principles-based rather than rules-based, according to Guy Debelle, deputy governor of the Reserve Bank of Australia.
“There are a number of reasons why this is so but, for me, an important reason is that the more prescriptive the Code is, the easier it is to get around,” Debelle said at a TradeTech FX Asia Conference.
Debelle was charged with drafting the code in May 2015 in his capacity as then-chair of the Bank for
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