FX Focus - How to reform FX benchmarking
Market facing up to benchmarking choices
Finally, the first axe has fallen. The regulatory investigations into FX benchmark fixing have spanned 18 months, involved multiple supervisory agencies in several countries, implicated more than a dozen of the world's major FX market-makers, and resulted in tens of traders being put on gardening leave or fired altogether.
On November 12, the UK Financial Conduct Authority (FCA) doled out some of the biggest fines in its history to five banks - Citi, HSBC, JP Morgan, Royal Bank of Scotland and
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