Conduct body targets new issue hedging

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Conduct body targets new issue hedging

The Fixed Income, Currencies and Commodities Market Standards Board (FMSB) has issued its draft guidelines for hedging new bond issues, to help deal with what the board describes as ‘conduct risks’. These include new issue hedging, moving the reference rate for the new bond; picking the reference rate in an unfair manner; and leaking out material non-public information through hedging activity.

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