The Financial Stability Board has 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 regulation. The proposals come in response to allegations being investigated by regulators that dealers at major banks colluded and manipulated key reference rates in the $5.3 trillion-a-day market, the world's biggest and least-regulated. At the centre of the investigations is activity around the 4 p.m. currency fix in London, a 60-second window where key exchange rates are set. These prices are used as reference rates for trillions of dollars of investment and trade globally. The Financial Stability Board, based in Basel in Switzerland, said it had no access to any evidence or knowledge of any details of the investigations. Its report included a request for views on a number of recommendations, which include changes to market infrastructure, systems and how the benchmark
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