Bank Of England Shake - Foreign Exchange Markets

The Bank of England is considering whether to shake up the foreign exchange team that it maintains for traders and Forex traders at a time when universal probe is ongoing over probable foreign exchange management in the currency markets.

The committee, which is identified as London Foreign Exchange Combined Standing Committee, was established in 1973 and assembles every 2 months. It is mostly composed of senior staff from the main currency-dealing lenders, and representatives from industry associations and BOE.

In latest months, numerous members of the committee’s subgroup, called Chief Dealers’ Subgroup, have either been terminated  as the universal probe into potential benchmark fixing extends.

A source privy to the matter expressed Wall Street Journal that the Bank of England is considering whether to change the arrangement of the FXJSC to incorporate more members from asset management division, which is a main client of banks  foreign exchange services.