Abstract
Organisational values underpin conduct in financial markets but are sometimes too imprecise to guide conduct in practical situations encountered by firms and their employees. The author considers the effectiveness of the FX Global Code and concludes that it is a powerful instrument in the process to guide the conduct of business in the global wholesale FX market. The Code bridges the gap between ethical principles and the practical real-world actions that flow from them. There are strong incentives to adopt industry standards both in terms of operational efficiency and by forestalling formal regulation. Moreover, by incorporating professionalism values, the FX Code should help firms to manage their conduct risk. These outcomes depend on effective implementation of the Code, which is being assisted by official sector support.
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