While there have been some very public instances of inappropriate behaviour around order handling which have come to light in recent years, in other areas, the market is seeking greater guidance as to what principles should be followed, including the different standards that may apply depending on whether an intermediary is functioning as principal or agent. 5  3  http://www.bis.org/about/factmktc/fxwg.htm. 4  http://www.rba.gov.au/afxc/about-us/pdf/global-preamble.pdf.
5  I am not using these terms in the legal sense that is sometimes the case in particular jurisdictions, but rather in terms of common market parlance. 2  BIS central bankers’ speeches  This is one area that was not adequately covered in the pre-existing codes of conduct that the various FXCs had endorsed for the FX market.