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Treasury targets foreign exchange clampdown

Chancellor George Osborne is set to announce tougher regulations of foreign exchange dealing, according to the FT.

Osborne is expected to reveal new measures to tackle the manipulation of forex benchmarks in his Mansion House speech on 12 June.

The FT says one option under consideration would see forex benchmarks brought into the scope of statutory regulation. This is how the Government sought to tackle problems with Libor, the benchmark inter-bank lending rate that was manipulated by several large City institutions.

The Treasury is said to be working with the Financial Stability Board, a group of global regulators, to scope out reform options.

The FSB is expected to make recommendations on reforms of benchmarks before a summit of the leaders of the Group of 20 leading economies in November.

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