Global Regulator Backs FX Revamp After Rigging Scandals
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A panel of global regulators, responding to a manipulation scandal that’s shaken the financial industry, backed measures to make it harder for traders to exploit key benchmarks in the $5.3 trillion-a-day currency market.
The Financial Stability Board said it supports extending the width of the trading window used to calculate foreign-exchange rates to five minutes in a rule overhaul that also includes measures to address potential conflicts of interest between banks and their clients.