FX Joint Standing Committee report on e-commerce in FX markets

We summarise the findings of the report published this month by the Foreign Exchange Joint Standing Committee (FX JSC).

The Foreign Exchange Joint Standing Committee (FX JSC) was established in 1973, under the auspices of the Bank of England, as a forum for banks and brokers to discuss broad market issues. The membership of the Committee includes senior staff from many of the major banks operating in the foreign exchange market in London and representatives from brokers, corporate users of the foreign exchange market and the Financial Services Authority. Given the importance of developments in e-commerce for the structure of the foreign exchange market, the FX JSC decided to set up a subgroup of experts from this field to advise it. This is the third of a series of annual reports produced by this subgroup.Developments In Electronic PlatformsAt the time of our report last year, the market's attention was clearly on multi-bank portals following the closure of Atriax. Multi-bank portals were able to offer STP and were advancing in providing new functionality for customers. Proprietary bank systems were being used to support...continued

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