Mondo Visione Annual Market Surveillance Seminar - Autumn 2015

On Wednesday 23 September 2015, Mondo Visione held its annual Market Surveillance Seminar at Ironmongers’ Hall, with an audience of market practitioners, regulators, technologists and consultants. Banks have paid some US$10 billion in fines over recent months to settle claims brought against them for manipulating benchmark indices such as the London Interbank Offered Rate and the daily foreign exchange fix. These scandals have caused regulators to review their approach to overseeing the wholesale markets on which such benchmarks are based. As they focus on how to raise standards of behaviour among traders at banks, it is likely that tougher sanctions will be imposed and markets will be given more detailed guidance on what are acceptable trading practices. Fines alone are clearly not enough. Perhaps holding individuals accountable for their actions, and making firms take greater responsibility for improving standards of trading practices will make a difference. These and other issues were addressed by the two panels at the Mondo Visione Annual Market Surveillance Seminar.