Code of conduct to clamp down on FX manipulators

Global rules for foreign exchange traders will make it easier for the authorities to root out the bad apples in the market, central bankers have said, as they seek to clean up the industry in the wake of a series of scandals.

The Daily Telegraph reports that banks have been fined a total of more than £6bn ($9.2bn) so far by British and US regulators for manipulating foreign exchange benchmarks – the prices on which large numbers of trades in the $5.3 trillion-per-day market are based.

Banks also face private actions from customers and investors who believe they were ripped off by the banks’ behaviour.

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

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