The policy lessons extracted 1  BIS Review 113/2000  include the need for accounting standards, especially concerning the valuation of loan portfolios, standards on information disclosure and auditing, the importance of regulating loan concentration and connected lending, and the weakness of the supporting legal system, especially bankruptcy law.
Our work was conducted completely separately from the investigations into allegations of FX manipulation and we did not have access to any of the evidence gathered by those investigations. The Foreign Exchange Benchmark Group (FXBG) was comprised of members from all the major financial centres.