"The" quote from the article: "While regulators will fix the mechanics of benchmarks in markets ranging from LIBOR to foreign exchange, only private individuals and institutions can reform the behavior that has made such changes necessary," Mr. Carney said.
This quote confirms our belief in additional regulation to come. The article infers that this quote only refers to banks and traders, but we suggest that in the case of FX, it should also include asset managers who were requesting execution of their trades with no profit for the banks, at a benchmark rate to be determined. Such a situation is fraught with peril.
http://online.wsj.com/news/articles/SB10001424052702303448204579340354242747762?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303448204579340354242747762.html
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