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. This is one area that was not adequately covered in the pre-existing codes that the various FXCs had endorsed for the FX market.
1/4  BIS central bankers' speeches  In such an environment, once the third programme had been agreed by the Greek authorities and their euro area partners, one of the immediate priorities was to regain depositor and market confidence in the Greek banking system.