Trading benchmarks to be scrutinised following manipulation claims

A powerful global financial regulator is to scrutinise benchmarks that are used in currency trading, a first sign that the market may be kept on a tighter leash after manipulation claims.

The Financial Stability Board, which coordinates regulation for the Group of 20 leading economies, is already working on a reform of interest rate benchmarks following the Libor interbank rate-fixing scandal.

“The FSB is in the process of defining the work it will do on issues around FX benchmarks,” the Swiss-based agency told Reuters.