Bank of England’s Mark Carney says tough market-abuse rules should cover currency markets

Bank of England Governor Mark Carney seen at the launch event for the the new twenty pound note at the Turner Contemporary gallery in Margate, Britain, Oct. 10, 2019.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 London, is unregulated, unlike the tighter restrictions placed on those who trade shares and bonds.“They do not apply to the spot FX , and in our judgment they should,” Carney told a panel of lawmakers. 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.

Former U.K. finance minister Philip Hammond said last month that hedge fund backers of Prime Minister Boris Johnson could profit from a no-deal Brexit.

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globebusiness Yes, that's correct💋

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