The Bank of England has committed to a new global code on forex

Courtney Goldsmith
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The Bank of England said it was committed to new forex codes (Source: Getty)

The Bank of England (BoE) has today signed up to a new global code of conduct on foreign exchanges in a commitment to avoiding more currency manipulation scandals.

The new code comes as the central bank works to restore confidence in the wholesale fixed income, currency and commodities markets in the wake of "serious misconduct" of recent years, the BoE said.

Banks were fined billions of dollars for trying to rig currency benchmarks following an investigation in 2014.

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The Bank urged all participants in the market to adhere to the codes.

“Fair, transparent and robust markets, underpinned by high standards, benefit all participants,” said Dave Ramsden, the BoE's deputy governor for markets and banking.

Six other central banks in Europe also issued statements of commitment to the FX Global Code today, including 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.

The Bank also said it had signed commitments to the UK Money Markets Code and the Global Precious Metals Code.

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