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The Bank of England will tighten its governance after criticism of its response to claims of manipulation of foreign exchange (forex) rates. Governor Mark Carney told MPs on the Treasury Committee that it would create a new deputy governor position with responsibility for markets and banking. He said the person would carry out "a root and branch review" of how the Bank conducts market intelligence. It comes amid claims that some bank officials knew of alleged forex fixing.
It has been claimed that currency traders colluded via online chatrooms and instant messaging to manipulate forex rates. During more than four hours of questioning on a variety to topics, Mr Carney said: "This is as serious as Libor if not more so because this goes to the heart of integrity of markets and we have to establish the integrity of markets."..Read more here
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