The Bank for International Settlements (BIS) has announced an executive appointment to its board, having elected Raghuram Rajan as its newest Vice-Chairman, according to a BIS statement.
Mr. Rajan has been elected as Vice-Chairman for a period of three years, which ends on November 10, 2018 – he is currently the acting Governor of the Reserve Bank of India and has been a member of the BIS board since 2013. At present, the BIS board includes a number of household names such US Federal Reserve Chair Janet Yellen, Bank of England Governor Mark Carney, and Bank of Japan Governor Haruhiko Kuroda.
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Mr. Rajan has been the Governor of the Reserve Bank of India since 2013, when he took charge of the Indian central banking institution in 2013, having succeeded Duvvuri Subbarao. Prior to this role he served as the Chief Economist at the International Monetary Fund (IMF) between 2003 and 2006.
Back in May, the BIS implemented a working group with the sole intent of developing a single consolidated global code of conduct for the foreign exchange (FX) market. The decision to foster a single legal construct or code of conduct in the $5.3 trillion dollar a day industry follows on the heels of the recent woes that FX markets have faced over the past couple years. These include benchmark manipulation, ongoing fraud warnings from regulators, and the recent market convulsion propagated by the snap Swiss National Bank (SNB) decision earlier this year.