Forex traders to lose window used to manipulate benchmarks as global watchdog cleans up sector

 
Tim Wallace
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ROGUE currency traders will be denied the chance to manipulate benchmarks under plans laid out by the G20’s investigators yesterday.

Currently, the daily FX fix is set in a one-minute window at 4pm, al­lowing traders to shuffle volumes of trades around a very short time.

By extending that to five minutes or more, the Financial Stability Board hopes to deny individual traders or small groups the chance to influence the multi-trillion dollar per day markets.

By extending that to five minutes or more, the Financial Stability Board hopes to deny individual traders or small groups the chance to influence the multi-trillion pound market.

Market-makers should also be banned from passing information to clients or each other, the FSB recommended.

And benchmarks should be based on a wider number of sources, including actual trading data.

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