FX Abuses Persist Even After $10 Billion in Fines, Traders Say

• Some pre-hedging, last look allowed under new guidelines • Vanguard’s Maack says FX Global Code doesn’t go far enough

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 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 ...