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Agustín Carstens, Chairman of the Economic Consultative Committee (ECC) and the Global Economy Meeting (GEM), issued the following statement after the meetings of the ECC and the GEM in Basel on 10-11 May:
"The BIS Governors welcome current initiatives of the foreign exchange committees to strengthen code of conduct standards and principles in foreign exchange markets."
"The BIS Governors have agreed to set up a working group under the auspices of the Markets Committee to take these issues forward with a view to facilitating the establishment of a single global code of conduct standards and principles, promoting greater adherence to these standards and principles, and providing input into the wider official effort on market conduct coordinated by the Financial Stability Board."
The working group will be chaired by Guy Debelle (Reserve Bank of Australia), Chairman of the Markets Committee.