City calls for calm ahead of Osborne's new forex rules
Thursday 12 June 2014
City watchers have reacted cautiously to George Osborne’s plans to tighten controls on the £3 trillion-a-day foreign exchange market due to be unveiled at the Mansion House dinner tonight
Gerard Lyons, economic adviser to the Mayor of London, pointed out that the UK dominates trading in forex with a 40 per cent market share against 19 per cent in New York.
He cautioned against too much regulation saying: “In recent years, the regulatory pendulum swung from one extreme of light regulation before the crisis and now continues to head towards the other extreme. We need global rules but it is vital London keeps its own house in order.”
Ed Parker, co-head of derivatives at international law firm Mayer Brown, said: “It’s a tightrope: too strong regulation, and business may fly to easier climes; and too light, and a loss of market confidence may be just as harmful.”
Andrea Leadsom, pictured, economic secretary to the Treasury, said: “There have been some very serious allegations made about manipulation of foreign exchange and other markets. There is a small number of people who need to understand that rigging is not acceptable.”
Apple agrees deal with Visa on contactless payments
- 1 Is Apple's iCloud safe after leak of Jennifer Lawrence and other celebrities' nude photos?
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photo leak: 'These are completely fake'
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
London 'terror threat': Metropolitan police deny tube attack hoax
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...
£650 per day: Harrington Starr: .NET Developer C#, Win Forms, WPF, WCF, MVVM,...
£350 - £375 per day: Harrington Starr: Looking for a Java/C++ Developer to wor...