FX reform: if it ain’t broke, don’t fix it

WMBA makes case for FX code of conduct

Alex McDonald, WMBA

Recent investigations into allegations that market participants may have colluded to manipulate FX benchmarks has increased pressure to reform aspects of a market that has, until now, been regulated by supervising the firms that trade in it rather than as a standalone product. While closure and a return of confidence are certainly needed, it must not be solely in the form of changes to FX market infrastructure and benchmark calculation methodologies. Rather, it should also focus on setting

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