Global regulators published details of their plans to overhaul foreign-exchange (FX) benchmarks in response to allegations that traders colluded to manipulate rates in the $5.3 trillion-a-day currency market.

The Financial Stability Board (FSB) proposed changing how the most popular rates, from WM/Reuters, are calculated by extending the length of the one-minute windows on which the benchmark is based, and requiring firms to install systems to address potential conflicts of interest with clients. The Basel, Switzerland-based FSB set an Aug. 12 deadline for comments on the plan.

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