Global regulators eye forex benchmarks after rigging probe - News and Current Events | futures io social day trading
futures io futures trading


Global regulators eye forex benchmarks after rigging probe
Updated: Views / Replies:184 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Global regulators eye forex benchmarks after rigging probe

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

Global regulators eye forex benchmarks after rigging probe

Reuters) - A powerful global financial regulator will scrutinize benchmarks used in currency trading, it said on Friday, a first sign that the largely unregulated market may be kept on a tighter leash after allegations of manipulation.

The Financial Stability Board, which coordinates regulation for the Group of 20 leading economies, is already working on a reform of interest rate benchmarks after the Libor interbank rate-fixing scandal.

"The FSB is in the process of defining the work it will do on issues around FX benchmarks," the Swiss-based agency told Reuters in an emailed statement.

Britain's Financial Conduct Authority (FCA) and the U.S. Department of Justice have been investigating allegations that traders at some of the world's biggest banks manipulated the largely unregulated $5.3 trillion-a-day foreign exchange market.

The continuing probe into the Libor interest rate brought to light how easy it is to manipulate the widely used benchmark and has already triggered heavy fines for banks including UBS and Barclays.

The London interbank offered rate, known as Libor, is compiled from banks submitting quotes for interest rates at which they say they could borrow and is published by the British Bankers' Association.

The FSB last July set up two groups to make recommendations to reform Libor and similar rates, which underlie trillions worth of contracts ranging from student loans and mortgages to complex financial derivatives.

One group consists of regulators, and another - chaired by Darrell Duffie, a finance professor at Stanford University - brings together market participants. The groups are due to make recommendations in June.

A U.S. market regulator has said Libor should be scrapped because it is based on a hard-to-control survey of market participants. Others take a less drastic stance, because the benchmark is so widely spread.

The FSB is expected to announce the efforts to look at foreign exchange markets "pretty rapidly," a source familiar with the situation said, but has not yet decided who would be in charge or what shape the work would take.

"That is something for the FSB to decide and they would delegate to whomever they felt was suitable," this person said, asking not to be identified by name.

In the foreign exchange probe, groups of senior traders are alleged to have shared market-sensitive information relevant for the popular WM/Reuters "fix," or London fix, which is set at 4 p.m. London time, using actual trades.

WM/Reuters rates are compiled using data from Thomson Reuters and other providers and are calculated by WM, a unit of State Street Corp.

Thomson Reuters is the parent company of Reuters News, which is not involved in the fixing process.

In an effort to avoid the further wrath of authorities, banks with major currency operations such as Citi, Deutsche, JPMorgan and others have curtailed the use of chatrooms widely used by these traders.

The FSB's recommendations, which will carry huge weight in the market, mark a shift from December, when FCA Chief Executive Martin Wheatley said any effort to regulate the market "would be a big policy change," and that regulators were at a very early stage.

Exclusive: Global regulators eye forex benchmarks after rigging probe | Reuters

Reply With Quote

Reply



futures io > > > > Global regulators eye forex benchmarks after rigging probe

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Libor Rigging Probe Turns to Europe's Big Four Banks Quick Summary News and Current Events 0 July 19th, 2012 02:50 AM
Independent counsel sought for MF Global probe kbit News and Current Events 0 May 3rd, 2012 08:19 PM
Regulators know where MF Global funds went kbit News and Current Events 0 December 15th, 2011 09:38 AM
Regulators approve 'MF Global Rule' kbit News and Current Events 0 December 5th, 2011 03:33 PM
Senators to probe regulators' role in MF Global kbit News and Current Events 0 December 1st, 2011 10:43 AM


All times are GMT -4. The time now is 03:27 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-18 in 0.07 seconds with 19 queries on phoenix via your IP 54.163.209.109