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Mark Yallop

The manipulation of wholesale markets revealed in the aftermath of the global financial crisis is nothing new, but rather the latest manifestation of a phenomenon that has existed throughout the era of modern capital markets. This chapter examines the scale of the problem and its fundamental root causes, both those created by structural, environmental factors and the personal motivations of the individuals involved. It discusses the serious limitations in using regulation and legislative measures to cure the problem and describes alternative, global standards based approaches being attempted by central banks in the global FX market and by the Fixed Income Currencies and Commodities Market Standards Board more broadly for global fixed income markets.