The public lost trust in the market through the front-page coverage of the scandals that hit the market and the billion dollar fines. This lack of trust was there between participants in the market which was impairing market functioning.
The market had to move toward a better place and allow market participants, and the public, to have much greater confidence that the FX market is functioning appropriately. It is also important to remember what the alternative was in the aftermath of the scandals.