Benchmark criminalisation won't fix the fix
Participants unconvinced new rules will solve FX problems
New measures aimed at 'regulating' foreign exchange markets in the UK will not solve the issues surrounding FX benchmarks or have much practical impact, say market participants in reaction to UK chancellor George Osborne's announcement to criminalise benchmark manipulation across asset classes.
At his annual Mansion House speech in London on Thursday, the chancellor said foreign exchange, fixed-income and commodity benchmarks will fall under legislation that now governs trading behaviour around
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