LONDON - Bank of England Governor Mark Carney said on Tuesday that currency dealers should face the same tough market-abuse rules that govern share and bond trading, adding to scrutiny of London’s $5 trillion-a-day foreign-exchange market.
The global spot foreign exchange market, dominated by the London, is unregulated, unlike the tighter restrictions placed on those who trade shares and bonds. ESMA flagged difficulties in regulating such a huge market and suggested that a new global code of conduct aimed at cracking down on abuses should be given more time to bed down.
Hedge funds sometimes sell assets like currencies, stocks and bonds that they do not own, hoping they can cover their positions after the price falls, pocketing the difference as a profit.
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