FCA: Regulation Has Had Negligible Effect on FX Benchmark

[kreslik.news]

On Monday, the Financial Conduct Authority (FCA), a UK regulator, released a research paper that analysed seven of the major financial benchmarks used by firms to guide a variety of different decision-making processes.

The paper comes three years after the FCA introduced theBenchmarks Instrument. Aimed at improving the robustness of these benchmarks – ie. making them less susceptible to manipulation – the Benchmarks Instrument imposed a set of regulatory strictures on benchmark administrators.

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Still in place, they mean that benchmark administrators must be regulated and have FCA-approved persons in key ... (read more)