FX manipulation not a "methodology" issue, says ECB
Highlighting the need for a global code of conduct
Manipulation of currency benchmarks happens due to improper trading activity and not weaknesses in the calculation methodology, spurring a potential revision of FX codes of conduct, according to the European Central Bank (ECB) in a briefing paper on the subject.
The paper states that market participants view unethical traders as more of a risk to the integrity of benchmarks than any calculation methodology in most cases, as the majority of FX benchmarks are transaction based rather than relying
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