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Foreign-exchange market overhaul proposals presented by FSB

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Foreign-exchange market overhaul proposals presented by FSB

A major overhaul of the $5.3 trillion-a-day currency market is desperately needed. Ever since accusations that traders colluded to rig rates emerged, the necessity has been become more urgent. In response to this, the Financial Stability Board, a group of international regulators, have published a document with numerous proposals to reform foreign-exchange benchmarks.

According to a statement posted on the group’s website today, among those proposals was the extension of the window for setting the benchmarks beyond its current width of one minute as part of a set of draft recommendations to make the reference rates stronger. The FSB is also looking into the necessity of having “alternative benchmark calculations” prepared over longer time periods of as much as 24 hours

At least a dozen regulators on three continents are currently involved in a widespread investigation into allegations that traders in the world’s largest financial market conspired with counterparts from other companies to rig benchmarks including the WM/Reuters rates. Over 20 traders have so far been fired or suspended due to their involvement in the case.

Led by Bank of England governor Mark Carney, the FSB consists of regulators and central bankers from around the world that seek to agree on global financial rules.

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deVere FX Queries

6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.