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Add Andy Maack of Vanguard Group Inc. to the list of a dozen or so executives who say that routine misbehavior in the $5.1 trillion-a-day foreign exchange (FX) market persists even after banks paid $10 billion in penalties and a trader was sent to prison.

It’s been a year since regulators and industry participants published the FX Global Code, a set of voluntary guidelines aimed at improving standards in the unregulated, over-the-counter market that was rife with misdeeds. While the cleanup effort has helped make the business more transparent, it hasn’t done enough to curb the most dubious practices, said Maack, Vanguard’s global head of foreign-exchange trading.

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