The challenge is to identify and preserve the legitimate benefits of such communication and trading while safeguarding against improper uses of information. It may be that these challenges can be addressed through coordinated private efforts; for example, through such bodies as the Foreign Exchange Committee and the Treasury Market Practices Group, sponsored by the Federal Reserve Bank of New York.
These groups are actively working on industry best practices in their markets and have often played a constructive role on market practices that enhance market functioning. It may also be that further supervisory or regulatory action is needed.