经济学人:外汇交易:放规矩点!(2)

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　　two areas of weakness highlighted by the scandal. 这是易于纰漏丑闻的两个薄弱环节。

　　Managers of FX traders will now be enjoined¹ to limit access to confidential² information, and to ensure that clear guidance has been given on approved channels of communication. 如今，限制外汇交易者的管理者访问机密信息，确保明确的指示已通过获得批准的通信渠道传达。

　　Greater disclosure is also demanded on how orders are processed, so that clients will never lose oversight³ and control of their trades. 加大信息公开力度，公开订单处理流程，以便客户监督控制其交易。

　　The code will, however, be voluntary. 然而，准则将是自愿性质的。

　　Guy Debelle of the Reserve Bank of Australia, who led the drafting, reckons that to write binding⁴ rules for a global market would have been more convoluted⁵ and less effective. 领导起草的澳大利亚储备银行的盖德·贝贝尔（Guy Debelle）认为，为全球市场撰写具有约束规则，过程更为复杂，然而效果较差。

　　Principles, he argues, are harder to exploit or ignore than rules. 他认为，较规则而言，准则更难谋利，也更难被忽视。

　　Alongside the code itself, the FXWG has developed a blueprint⁶ for adoption⁷, which makes those active in the market responsible for embedding⁸ the code in their day-to-day operations. 除却准则本身，外汇工作小组已经制定了一个适用蓝图，可以让那些市场活跃的参与者将准则融入到日常操作中。

　　Central banks have committed themselves to leading by example, by implementing⁹ the code for their own FX activities. 中央银行已经承诺以身作则，在外汇活动中执行该准则。

　　Consideration is being given to maintaining public registers of those who have signed up. 现在考虑是维护已注册的人的公共登记信息。

　　“I wouldn't underestimate the impact of peer pressure in improving behaviour,” says MrDebelle. 戴姆勒说：“我不会低估同行压力对改善行为的影响。”

　　Given the painfully low level of trust in foreign-exchange and other financial markets, central bankers are adamant¹⁰ that codes like these must not be ignored or allowed to become outdated¹¹. 鉴于外汇和其他金融市场的信任度极低，央行行长强烈表示，这类准则绝不能遭到忽视，也绝不会过时。

　　The new global FX committee will monitor the success of the project and consider the case for further updates. 新的全球外汇委员会将监督该项目的成功实施，并考虑进一步更新。

　　But the incentives¹² for adherence¹³ do not seem compelling. 但本意遵循规则似乎并吸引力不足。

　　Whether the code actually prevents market malfeasance will be determined¹⁴ by the many institutions, large and small, that trade FX each day. 无论准则是否真正防止市场不法行为，将由每天交易外汇的众多大大小小的机构决定。

　　And, as the market has proved in the past, it is important not to underestimate the power of peer pressure to worsen behaviour as well as improve it. 而且，过去市场曾证明，重要的是不要低估同行对改善行为的力量，也不要轻视其恶化行为的压力。

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