Market Surveillance: Rising to the Challenge
It’s clear that a culture of bad practice has deep roots in the industry, and more effort is needed to restore trust.
“A billion, here a billion there, pretty soon we’re talking real money.” That’s the infamous quote often wrongly attributed to Republican senator, Everett Dirksen in the 1960s. Make no mistake, $10 billion is real money. The fines meted out to the financial organizations involved in the foreign exchange (FX) rate-rigging scandal in June 2013 topped $10 billion, and sent a wake-up call to the industry. Since then, the race for compliance has become more than just appeasing regulators with a tick
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