Guy Debelle's mission to clean up world's biggest market

Guy Debelle's mission to clean up world's biggest market

Everyone in the foreign exchange markets knew the code.

"A large Asian central bank is buying," meant intervention by the People's Bank of China.

"A big Australian mining company wants $500," was an order by BHP Billiton for US dollars, in the millions.

Such disclosure of confidential information, which gives some banks and their clients an unfair trading advantage, will be largely eliminated if Reserve Bank of Australia deputy governor Guy Debelle has his way, along with rumour-mongering, front-running, market manipulation and other forms of cheating that have blighted the world's biggest financial market for decades.

Read more in the AFR (subscription).

In this opaque and apparently corrupt industry, a transparent new system is coming online in just a few days.

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