Global regulators and central bankers are to include foreign exchange rate benchmarks in the analysis the Financial Stability Board is carrying out of financial benchmarks through its high-level Official Sector Steering Group. Two existing members of the OSSG will co-chair the FSB's new FX Benchmarks Group; Guy Debelle, an assistant governor of the Reserve Bank of Australia, and Paul Fisher, the Bank of England's executive director for markets. A number of the world's largest banks are facing various regulatory probes and civil lawsuits into allegations of collusion and illicit information-sharing among FX traders to manipulate rates. The FSB group will review FX benchmarks and analyse market practices, and submit its conclusions and recommendations to the G-20 summit in Brisbane in November.
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