Abdulali Jiwaji, partner at law firm Signature Litigation, says there has been some progress in terms of structures and processes having been put in place, especially in the larger banks, but he also cautions that without strict enforcement there is a tendency for market participants to drift away from structures and processes under the pressures of the marketplace.
"Whether [these structures and processes] translate into effective action on the ground, that remains to be seen. The regulator will keep a close eye on how these processes are implemented and more importantly how the culture which is driven by management is translated down to desk level and whether people's actions reflect a significant change in behaviour," says Jiwaji...
Read the full article on the FX Week website here.