Australia’s regulators published conventions for the currency market, underscoring a push to shore up standards in the $5.3 trillion-a-day industry. The Australian Foreign Exchange Committee and the Australian Financial Markets Association released the document today, thru their websites.
It defines currency and options products and provides guidelines for dealing methods and pricing. The release follows an April meeting of global foreign-exchange committees in Sydney, chaired by Reserve Bank of Australia Assistant Governor Guy Debelle, at which participants discussed codes of conduct.
“People won’t deal with you if you’re not dealing to market standards, and that’s the real power of these conventions,” said Sean Keane, an Auckland-based analyst at Triple T Consulting and the former head of Asia-Pacific rates trading at Credit Suisse Group AG. “It makes sure that everybody’s in agreement as to what the standard is.”
To read the PDF release, click here.