Last year, regulators uncovered serious misconduct and manipulation in FX rate setting among London traders. The discovery is part of a long series of benchmark rigging scandals that have emerged since the 2008 global financial crisis. Being the largest global financial market, the scandal naturally attracted enormous attention from international policy coalitions and domestic regulators. Investigations have already resulted in costly fines in excess of $4 billion and large-scale regulatory initiatives, with the final outcome still very much in play.
Read Clutch Group’s full client advisory and report here.