A year after work began on devising a code of conduct for all users of the scandal-hit global foreign exchange markets, the Bank for International Settlements has unveiled its new guidelines.

Developed by eight central banks, including representatives from the UK, US, Hong Kong and Australia, in conjunction with market participants from 16 countries around the world, the 30-page document on the FX global code of conduct published on May 26 is aimed at helping restore trust in the market through a range of principles.