FX - After the trade is made: the future of the CLS relationship
Regulation: opportunity and threat
page 10 and 11
The FX industry today is largely unregulated, yet it is huge and functions extremely well. Markets are liquid, pricing is pretty transparent and settlement works. It has been other areas of banking that have malfunctioned recently; indeed, during the disruption around the Lehman Brothers collapse in September 2008, the FX markets and CLS in particular weathered the storm without incident. But, without doubt, regulation and change are on the way. There is a widespread expectation
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