KUALA LUMPUR: Bank Negara is expected to unveil a new code of conduct for the Malaysian wholesale money and foreign exchange (forex) markets by January next year to enhance the professional and ethical standards of the financial industry. Muhammad said the proposed new code of conduct would be adopted by the industry and would scope all activities within the forex and money markets as well as the activities of regulated entities in other markets. “Hence, the code of conduct will be applicable to fund-management companies, corporations and providers of electronic trading and broking systems that deal in the wholesale financial markets as well as interbank players in the bond markets,” Muhammad said. He said Bank Negara would invite comments from market participants and the general public, including corporations that deal in the wholesale financial markets, for the consultation papers on the proposed code of conduct. It would also include enhanced requirements for institutions to have robust systems and internal controls to safeguard professionalism and integrity of the financial markets,” Muhammad said.

Source: The Star October 31, 2016 23:39 UTC