On August 20, the Financial Stability Board (FSB) published responses to its consultation in respect of proposed reforms in the forex market.  The consultation was launched on July 15 and recommended reforms relating to: (i) the calculation methodology of the WMR benchmark rates; (ii) the publication of reference rates by central banks; (iii) market infrastructure in relation to the execution of fix trades; and (iv) the behavior of market participants around the time of the major forex benchmarks.

The FSB intends to provide final conclusions and recommendations to the Brisbane G20 Leaders Summit in November 2014. Responses.