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LONDON, Feb 4 (Reuters) - Thousands of bond, currency andcommodities traders in London should have to pass an exam andobtain a new qualification to trade as part of attempts to raisestandards, Britain's bank lobby group said.
The British Bankers' Association (BBA) said a "licence totrade" qualification and tougher codes of conduct should beintroduced as part of the drive to strengthen trust in financialmarkets after a series of damaging scandals.
"The BBA believes that everyone undertaking activity inwholesale FICC (fixed income, currencies and commodities)markets should be required to pass exams and becomeprofessionally qualified," the BBA said on Wednesday.
It would not need to be one single qualification for allmarkets, and could depend on the activity, the BBA said inresponse to a Bank of England and UK government consultation onthe Fair and Effective Markets Review.
The trade group also said proposals to increase individualaccountability for senior managers should be extended and allbank staff, excluding those in retail banking, should be subjectto more stringent standards. (Reporting by Steve Slater; Editing by Raissa Kasolowsky)
