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Bank of England signs up to global anti-currency benchmark rigging code

The Bank of England said in a Feb. 6 "statement of commitment" that it has signed up to the FX Global Code, a new global anti-currency benchmark manipulation code of conduct, as well as the U.K. Money Markets Code and Global Precious Metals Code.

The new voluntary market code, which is sponsored by central banks across the world, comes after banks were fined billions of dollars for attempting to rig currency benchmarks.

According to Reuters, London accounts for 37% of the world's $5 trillion daily global foreign exchange market.

The central bank said the codes "are important in promoting the integrity and effective functioning of these respective markets."

The Czech National Bank, Bank of Spain , Central Bank of Cyprus, National Bank of Austria, National Bank of Poland and the National Bank of Romania have also formally adhered to the foreign exchange code, according to Reuters.