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Screenshot of a breaking news alert e-mail from Q2 2017
Chancellor of the Exchequer of the UK, George Osborne, is expected to reveal new measures to tackle the manipulation of forex benchmarks in his Mansion House speech to bankers on June 12th, 2014.
The Financial Times is reporting that One option being discussed is to bring forex benchmarks into the scope of statutory regulation, as was done with the London interbank offered rate (Libor) last year, which made manipulation a criminal offense.
In addition The Treasury is said to be working with the Financial Stability Board, a group of global regulators, to scope out reform options.
The prices in the forex market are set at the 4pm “fix”, a City benchmark set by the median price of trades taking place in a 60-second window. It is alleged that traders were putting in client orders ahead of this window in order to influence the benchmark, against which currencies are priced.
The forex manipulation and investigative probes continue to play out and repercussions and reforms are still on-going, stay tuned to LeapRate for updates on the continuing evolution of the global forex scandal…