In adapting to these needs, the ACI Model Code is being developed as an online exam (separate module) that can be incorporated into individual bank and institution compliance processes. The Code will be updated annually and staff will keep current with the Model Code by completing the exams annually to ensure compliance and adherence to the etiquette of the market rules of engagements.
On the regulatory front, the ECB has been given the lead role in work to strengthen codes of conduct for currency markets. Work on new standards were top of the agenda at a meeting of regulators in Sydney in May 2014, which brought together eight central bank committees charged with keeping tabs on the currency market.