UK set to launch tough code for  financial traders

Britain’s regulators will unveil plans on Wednesday that aim to clean up behaviour in the financial markets, where banks have been fined billions of pounds for trying to rig currencies and interest rate benchmarks.

The Bank of England, Treasury and the Financial Conduct Authority (FCA) will publish recommendations from their Fair and Effective Markets Review into conduct and operation of currency, bond and commodity markets.

“It is going to say some quite significant things about what the scope of regulation should be for asset classes that historically have not been heavily regulated,” Martin Wheatley, FCA chief executive and co-chair of the review said.