Forex Rates Might Come Under Global Regulator Scrutiny

Forex rates might be brought under a global regulator’s purview, amid concerns over the recent benchmark-rate setting scandal, reports Bloomberg. Traders at some of the world’s leading banks have reportedly engaged in manipulative practices to rig forex rates. The banks’ employees have been accused of rigging WM/Reuters rates before and during the 60-second windows when the benchmarks are set. A Madrid-based group, The International Organization of Securities Commissions (IOSCO), harmonizes market rules. IOSCO may propose final guidelines for improving transparency and oversight of benchmarks, including the WM/Reuters rates, as soon as next month according to Lindsay Fortado, Ben Moshinsky & Jesse Hamilton of Bloomberg quoting citing…