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[ M A R K E T R E V I E W | F O R E I G N “Global FX banks have been at the forefront, with adherence to the Code becoming an opportunity to enhance reputational and trust capital.” E X C H A N G E ] to the Code. “But now a lot of firms realise that adherence is difficult to achieve and touches multiple parts of their busi- nesses – that’s why the number of firms KIERAN FITZPATRICK, CEO, BARRACUDA FX publicly adhering is only around 100. It is an industry standard, but in terms of numbers that is very small.” In a general sense, the FX Global Code is already shaping up to be an important reference point for market participants just 12 months into its lifespan. This has been driven by the larger players in the FX industry, many of which were caught up in rigging scandals, as they seek to cleanse their somewhat tarnished reputations. “To date, the global FX banks have been at the fo