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.
- 1 Unseen Charlie and the Chocolate Factory chapter deemed 'too subversive' released
- 2 Ebola virus: It's ripped through towns – now the deadliest ever outbreak of the virus is heading for Africa's teeming cities
- 3 Joan Rivers: 'Palestinians deserve to be dead'
- 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
Israel-Gaza crisis: YouTube footage shows scale of destruction after 50 days of shelling
Keira Knightley topless: Conservative actress does own take on #Freethenipple campaign for Interview Magazine
iPhone 6 'hidden code' could indicate bigger phones, sharper screens
Joan Rivers: 'Palestinians deserve to be dead'
Ebola virus: It's ripped through towns – now the deadliest ever outbreak of the virus is heading for Africa's teeming cities
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
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
- < Previous
- Next >
iJobs Money & Business
£40000 - £70000 per annum + Bonus+Benefits+Package: Harrington Starr: C# .NET ...
£40000 - £70000 per annum + benefits+bonus+package: Harrington Starr: Data Ana...
Highly Attractive Salary: Austen Lloyd: BRISTOL - This is a very unusual law c...
£35000 per annum: Harrington Starr: Network Engineer (CCNP, CCNA, Linux, OSPF,...