U.K.’s Osborne Preparing to Bolster Oversight of FX Market
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U.K. Chancellor of the Exchequer George Osborne is preparing to announce plans to boost oversight of the foreign exchange market following allegations traders colluded to manipulate the $5.3 trillion-a-day market.
The measures are being considered in conjunction with the Financial Stability Board, according to a government official who asked not to be identified. The plans are likely to be announced within the next two weeks, the official added. Osborne will give his annual speech to bankers on June 12.