This module examines the key scandals that have led to the creation of the FX Global Code which was released in May 2017. It reviews some of the key aspects of the Code to understand what areas are of particular concern to regulators and market participants alike and how changes to these areas will hopefully lead to improved standards and practices throughout the foreign exchange market.
- Describe the foreign exchange (FX) market, including the size of the market, FX products traded, and the types of market participants
- Define the wholesale FX spot market and explain why it is systemically important
- Explain the function and objective of a currency benchmark or ‘fix’
- Outline some of the ways in which a currency can be manipulated and how traders can make a profit by attempting to manipulate the fix
- Examine the misconduct that has been identified by regulators and why such breaches took place
- Discuss the recent key developments that have led to the creation of the FX Global Code
- Review some key aspects of the FX Global Code to understand what areas are of concern to regulators and market participants alike
- Analyse the reasons why ASIC released Report 525 on the back of the FX Global Code
- Evaluate how changes in market participants’ behaviour and system processes will lead to improved standards and practices throughout the FX market.
Looking for a RG146 CPD solution? This course also forms part of our complete online CPD solution, , which enables financial participants and organisations to meet ASICs RG 146 ongoing training requirements.