Richard Willsher
Richard Willsher

Why FX needs better policy synchronisation and trading transparency

Uncertainty over the future course of regulation and whether more trading malpractice may come to light are continuing to cloud the foreign exchange market. Which is why better policy synchronisation and improved trading transparency are demanding attention.

It all seemed so straightforward then. The 23-page Leaders’ Declaration released following the September 2009 G20 Pittsburgh Summit included the following: “Since the onset of the global crisis, we have developed and begun implementing sweeping reforms to tackle the root causes of the crisis and transform the system for global financial regulation. Substantial progress has been made in strengthening prudential oversight, improving risk management, strengthening transparency, promoting market integrity, establishing supervisory colleges, and reinforcing international cooperation. We have enhanced and expanded the scope of regulation and oversight, with tougher regulation of over-the-counter (OTC) derivatives, securitization markets, credit rating agencies, and hedge funds.”  Some of these claims now seem premature. The joint communiqué projects an impression of unity of purpose, implies coordination across the globe and that matters are in hand. Now, more than five years later,...continued

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