Reuters have spoken to some sources who have said that the ECB will be given the lead role in implementing any new code of conduct changes.
Along side the FSB report on currency markets, which is due out in a couple of weeks, the Global Foreign Exchange Committee was also part of a group that met to discuss Forex in Sydney.
The ECB and other central banks are members a dealer association, the ACI and their model code is the one that the ECB will be following or adjusting.
“It is interesting that the ECB has largely been given control of this process,” said one banking source. “Effectively the end game is some kind of rewriting or formal adoption of a lot of those pieces of the ACI model code by all of those centers.”
The Reuters story also states that the ECB, UK and US are likely to tie together all findings and any new regulations closer together.
