Following allegations that traders colluded to manipulate rates in the $5.3 trillion-a-day currency market, the Financial Stability Board (FSB) has published details of its plans to overhaul foreign-exchange benchmarks, Bloomberg reports.
The FSB, headquartered in Basel, Switzerland, and chaired by Mark Carney, Governor of the Bank of England, said in a press release that its Foreign Exchange Benchmarks Group “was established to undertake a review of [foreign-exchange] benchmarks and analyze market practices.” Its interim consultation report, released Tuesday, contains 15 draft recommendations. The group will take public comments on it until Aug. 12.
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