Website Law360UK writes, "BOE Urges Banks To Sign Up To Forex, Money Markets Codes," which discusses "The UK Money Markets Code" released by the Bank of England recently. The article says, "A top Bank of England official outlined on Tuesday how bankers should adhere to new regulatory codes of conduct governing foreign exchange and money market activities in a move to restore trust in the sector’s reputation following a series of scandals. Several voluntary codes of conduct were handed out to the industry by central banks in April and May, covering ethics, governance, compliance and risk management at U.K. financial institutions, as regulators seek to encourage the industry to police its own behavior. Sarah John, the Bank of England's head of sterling markets, used a meeting in London to urge senior management to embed the principles of the code in their firms' day-to-day practices and demonstrate their adherence to the rules with a tailored statement of commitment." She commented, "This should provide market participants with an accessible and standardized means of demonstrating code adherence, without the need to provide bespoke sign-offs for different counterparties and service providers," at a briefing at the Association of Corporate Treasurers." The piece adds, "The Bank of England issued its code for participants in U.K. money markets including deposit, repo and securities lending on April 26, covering ethics, governance, risk management, confidentiality, execution and settlement."

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