Swiss National Bank publishes code of ethics to defuse scandal

The Swiss National Bank (SNB) has been forced to publish its central bankers' code of ethics after the governor's wife became embroiled in a franc swap scandal.

Chairman Philipp Hildebrand's wife Kashya bought $500,000 of what she called “almost ridiculously cheap” US dollars while the bank discussed capping the Swiss franc's rapid appreciation. The trade netted her a profit of CHF75,000 (£50,000), according to the official disclosure. Mrs Hildebrande, a former foreign exchange trader, transferred CHF 400,000 into US dollars in August last year, shortly before the SNB effectively pegged the currency to the euro by capping its value. Two months later, after the Swiss franc had fallen in value, she converted the dollars back – making a 19% r...