We've been commenting on the deaths here, but so far none of us have connected any dots. I went and looked at FOREX after reading your post and saw 1) it is at a 3 week high - and then 2) I saw this from Financial Times: - you may be on to something.......
Forex trading benchmarks come under FSB scrutinyhttp://www.ft.com/cms/s/0/38475fb8-95a2-11e3-9fd6-00144feab7de.html#ixzz2tMElGOB5February 14, 2014 11:38 pm
Forex trading benchmarks come under FSB scrutinyBy Daniel Schäfer
A powerful international regulatory body is reviewing benchmarks used in foreign exchange trading, in the latest fallout from a global investigation into
alleged collusion and market manipulation in the $5.3tn a day market.The Financial Stability Board, which brings together global regulators, has set up a group to assess and propose changes for the benchmark setting processes in foreign exchange.
“The FX Benchmarks Group will undertake a review of FX benchmarks and will analyse market practices in relation to their use and the functioning of the FX market as relevant,” the Swiss-based agency said Friday.
The review adds to an existing mandate given to the FSB by the G20 largest global economies last year to devise a reform of the Libor interbank lending rates. The pricing benchmarks have been hit by a manipulation scandal in recent years, prompting a string of top management departures at banks and a total so far of $6bn in fines paid by lenders and interdealer brokers.
More than a dozen regulators across Europe, the US and Asia are investigating at least 15 banks operating in the foreign exchange market, in probes that have led to the suspension, placing on leave or firing of 21 traders across four continents.
The FSB’s new subgroup on foreign exchange benchmarks will be chaired by Guy Debelle, an assistant governor of the Reserve Bank of Australia and Paul Fisher, executive director for markets at the Bank of England.