Foreign exchange traders generally like to see the whites of each other’s eyes – metaphorically speaking, of course.

The vast majority of foreign exchange transactions take place over-the-counter, in bespoke deals between two parties. This differs from other asset classes, where exchange trading is more common.

But attitudes may be changing, albeit slowly. The onset of non-cleared initial margin rules provides an incentive for some to switch from OTC swaps and forwards to futures, which are