The body charged with coordinating global financial regulatory efforts has recommended extending the amount of time in which exchange rate benchmarks are calculated and imposing stricter enforcement of rules on traders' behaviour.

The series of recommendations follows the release of a consultative document in July, in which the Financial Stability Board sought input from interested parties on potential flaws in the way benchmarks work in this $5.3 trillion-a-day foreign exchange market. Regulators around the world have been investigating this matter for more than a year; the UK watchdog is set to reach a settlement with a number of banks as soon as November.