Global watchdog tells banks to clean up

The world’s top financial regulator this week urged deep-rooted change to how currency benchmarks are set, encouraging market players to tighten up their governance, practices and controls rather than imposing stringent new regulations. The proposals come in response to allegations being investigated by regulators that dealers at major banks colluded and manipulated key reference rates in the US$5.3 trillion-a-day (N$56.2 trillion) market, the world’s biggest and least-regulated. Read more about Global watchdog tells banks to clean up