RPT-Financial benchmark reform may stumble on patchy take-up
* Global watchdog set to unveil final guidelines next week
* Singapore, Hong Kong already pursuing their own reforms
* United States and UK disagree over future of Libor
* Huge FX market difficult to regulate
By Anirban Nag and Rachel Armstrong
LONDON/SINGAPORE July 12 (Reuters) - A global blueprint intended to stamp out manipulation of financial benchmarks, expected to be published late next week, risks failure if individual countries persist in pursuing their own regimes.
Regulators are expected to unveil final guidelines for improving transparency and oversight of benchmarks covering everything from interest rates to oil and gold.
But the Madrid-based International Organisation of Securities Commissions (IOSCO) has no power to enforce its recommendations and with Hong Kong and Singapore already forging ahead with their own proposals, the signs are that implementation will be patchy. Continued...