Mexico central bank makes final call to sign new FX ethics code

Mexico's central bank this week made a final push to convince local banks and brokers to sign on to a code of conduct for the foreign exchange market that aims to curb abusive practices like collusion. Banks and brokers face a Thursday deadline to sign onto the code if they want to able to do business with the central bank, Governor Alejandro Diaz said in a presentation on Monday to banks and brokerages organized this week by Thomson Reuters and the central bank.
Companies that do not sign would be unable to carry out transactions such as dollar auctions with the central bank. The code is a global effort that fell out of prosecutions against the world's biggest banks for manipulating the Libor rate, and foreign exchange and commodities trading, he said.