On September 9, 2015 the Bank for International Settlements (BIS) announced at a press conference at the Bank of England that the first global code of conduct for the foreign exchange market (forex) will come into effect in 2017. These new regulations are in response to the recent wave of penalties for banks and traders for manipulating the currency market and are designed to address a market in which dealers are no longer the only parties affecting trades.

The forex rules will be based in part on the global preamble originally published in 2013 by various forex committees and modified earlier this year. The rules will replace and consolidate the six codes of conduct currently in the marketplace.

The new rules will address, among other things:

It is important to note that this code will not be a binding regulation and individual governments will have to decide how it should be enforced on market participants.