The United Kingdom has recently come under fire because of the involvement of the large banks featured in the city of London. Among those financial institutions; HSBC, Royal Bank of Scotland Group, UBS, and a few others are in the crosshairs. In an attempt to rehabilitate the reputation of its financial district, the UK Treasury has been pushing for more stringent reforms on the way foreign exchange transactions are conducted. The goal, of course, is to reduce the opportunities that such banks have to fraudulently take advantage investors and global markets.
The UK Treasury wants the Bank of England (BoE) to validate the adoption of time stamps on each forex trade. Indeed, these stamps would make it easier to perform audits on related transactions, and allow investors to have the details when the transactions are about to take place. In short, time stamps on forex transactions are a measure that would considerably increase transparency.
However, the proposal doesn’t seem to be the priority of the BoE’s governor since no announcement has been made related to the fact that the measure would be applied or not. It seems that, Mark Carney, the current BoE’s governor, is focusing more on the restoration of his Central Bank’s credibility, as he has been pledging that there will be more accountability. This problem needs to be addressed once for all, especially since this isn’t the first time that these activities have been reported in the British financial district. Most recently, the banks that were found guilty of committing fraud against its clients were ordered to pay $4.6 billion last year.
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