Currency markets brace for clampdown after scandals
The Treasury and the UK’s financial regulators have signalled their intention to clampdown on the £3.1-trillion-a day foreign exchange market in the wake of the abuse allegations that have hit confidence in currency benchmarks.
A Treasury spokesperson said yesterday that ensuring “confidence and efficiency of financial markets” are central to the Coalition’s economic objectives. The spokesperson added the government would use the lessons from the Libor interest rate rigging scandal “to inform and shape the important ongoing global debate on benchmark reform”.
A dozen regulators around the world are investigating claims that more than 15 banks colluded to rig forex markets. The vast majority of trades in foreign exchange markets, which are presently largely unregulated, take place between financial institutions operating in the City of London. The financial industry has cautioned against a regulatory clampdown, arguing that it would drive up costs for ordinary investors.
The Financial Stability Board global umbrella regulator, headed by Bank of England Governor Mark Carney, will deliver a report on benchmarks, including forex, at the G20 summit in November.
The party's potential nominations read like a high school race for student body president
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...