LONDON, July 15 (Reuters) - Global regulator the Financial Stability Board is looking into deep-rooted changes to the foreign exchange market’s system of fixing benchmarks in response to allegations now being investigated that dealers at major banks manipulated rates.
The FSB, the G20’s proxy on financial regulation, on Tuesday published a consultation paper asking for views on a number of recommendations that included changes to market infrastructure, systems and how the benchmark is calculated.
Those went far deeper than many in the banking sector had expected just weeks ago. The FSB said banks and other market participants have until August 12 to respond before final recommendations are sent to G20 leaders in November. (Reporting by Patrick Graham; editing by Jamie McGeever)