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Code of Conduct

EMTA actively promotes the highest standards of integrity and professionalism by providing a forum for voluntary self-regulation. With the encouragement of U.S. bank supervisory authorities, EMTA has developed a Code of Conduct for the trading of Emerging Markets instruments. The Code, which was adopted in 1993, sets forth general standards for conducting an Emerging Markets trading business and encourages all market participants to have appropriate trading policies to ensure the continued professionalism of the marketplace as a whole.

The Code covers such topics as Fair Dealing and Integrity, Responsibility for Traders' Activities, Adequate Disclosure, Financial Responsibility, Customer Confidentiality, No Misuse of Inside Information, Information Obtained as Agent Bank, Etc., Legitimate Business Purpose, Normal Trading Hours, Trading for Personal Account, No Price Manipulation, Conflicts of Interest, Marketing, Adequate Trading Support, Accurate Recordkeeping, Adequate Control Mechanisms, and Risk Management.

The Code, which is not formally binding on EMTA's Members, is nevertheless widely observed throughout the marketplace and, together with EMTA's Market Practices and standard documentation, provides a commonly understood framework for the trading of Emerging Markets Instruments. EMTA Members are generally expected to comply with the letter and the spirit of the Code of Conduct in connection with their Emerging Markets trading activities worldwide.


Click on the links below to view the documentation related to EMTA's Code of Conduct:

August 23, 1993 - Memorandum

June 20, 1993 - Final Version
    A. Guiding Principles
    B. General Standards
    C. Trading Principles and Procedures
    D. Market Terminology and Conventions
        Schedule A
        Schedule B