Economics
FX Benchmark Overhaul, Data Breaches, Sifma: Compliance
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Global regulators published details of their plans to overhaul foreign-exchange benchmarks in response to allegations that traders colluded to manipulate rates in the $5.3 trillion-a-day currency market.
The Financial Stability Board proposed changes to the way the WM/Reuters rates are calculated, including extending the length of the one-minute windows on which the benchmark is based, and making firms set up systems to address potential conflicts of interest with their clients. The Basel-based FSB set an Aug. 12 deadline for comments on the plan.