Traders are behaving themselves - for now

Bank Of England Building

FX traders are behaving themselves in the wake of a series of fines and investigations, according to Chris Salmon, the Bank of England’s markets boss.

The Daily Telegraph reports that bankers are still reeling after UK regulators fined six lenders a total of £1.4bn for manipulating foreign exchange benchmarks, while a number of ex-traders are facing prosecution for alleged fraud related to the Libor interest rate benchmark.

As a result, conduct has improved, but more concrete action is needed to make it a permanent change, said executive director for markets Salmon.

To make sure traders do not slip back into bad old habits, the Bank of England is planning tougher guidelines for the bankers, as well as the threat of prosecution for market abusers.

To access the complete Daily Telegraph article hit the link below:

Forex traders have been shocked into behaving themselves but it might not last, says BoE director

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