U.K. Joint Standing Committee Tightens Foreign Exchange Brokers' Liability Rules

REGULATIONS

The period for which London foreign exchange brokers will be held liable for differences arising from passing incorrect payment instructions to counterparties has been officially reduced from two business days to one, according to the London foreign exchange Joint Standing Committee's periodic report for 1993.

The Bank of England last week released the report, which summarises issues that the JSC has considered since its previous report, to FX Week. The JSC has ruled that under the London Cod