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FSB idea could help draw a line under forex scandal

A utility for foreign exchange trading (FT 17 July 2014)

Banks, asset managers, export companies and anyone else with a passing interest in a properly functioning foreign exchange market should not take off on their summer holidays just yet. A key consultation document on fixing the shortcomings of the forex market, published on Wednesday by global policy makers at the Financial Stability Board, gives respondents only until August 12 to take a view on a set of 15 important… Celý článek

Banks pull out of dozens of benchmarks after rate-rigging scandals (FT 1 October 2014, by Daniel Schäfer in London)

Some of the world’s largest banks have stopped contributing to dozens of financial benchmarks to avoid further litigation risk in the wake of the Libor and foreign exchange rate rigging scandals. Deutsche Bank, Citigroup, JPMorgan and UBS, among others, have set up task forces to scrutinise submission processes for hundreds of benchmarks in everything from commodities to interbank lending as they seek to cut their litigation and regulatory risk, several… Celý článek

Regulators push for widening of forex fix time (Financial Times 15 July 2014, by Daniel Schäfer and Sam Fleming in London)

Global regulators have proposed to centralise foreign exchange trading at a crucial daily fix on a global platform in a move that would undercut banks’ role in the currency market. The Financial Stability Board said in a consultation paper that it was interested in the creation of a global “utility” to match fixing orders placed by market participants. Such a centralised matching platform would essentially strip banks from… Celý článek

Benchmark boycott shows regulatory tail risk trumps common good

FT 1 October 2014, by Jonathan Guthrie

Fines are growing in tandem with presumptions of wrongdoing

Statistics are agreed to be triple-distilled dishonesty. But they give us the Dutch courage of bogus certainty in a chaotic world. That explains the movement by regulators to reform compromised financial benchmarks, rather than abandon them. Except that banks, spooked by regulatory risk, are bailing out anyway. Which could force investors to limp into a future where there are fewer statistical crutches to… Celý článek