The Foreign Exchange Professionals Association (FXPA) has warned that now is a critical time for the FX industry to enhance its engagement with regulators.
Representatives of the Foreign Exchange Professionals Association (FXPA), which announced its launch at Profit & Loss’ Forex Network Chicago event on September 25, stressed the importance of the industry being represented by one voice to regulatory bodies around the globe.
Some of the world’s biggest trading firms and marketplaces have formed a trade group to promote the $5.3-trillion-a-day foreign-exchange industry, picking a Citadel LLC executive as their chairman.
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Foreign Exchange Professionals Association, a group representing participants in FX trading, debuted Thursday.
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“We are encouraged that regulators on both sides of the Atlantic are engaging with market participants on the important issue of NDF clearing on a similar timeframe and look forward to regular efforts at harmonization across the range of issues affecting the FX market,” says the Foreign Exchange Professionals Association (FXPA), a newly formed trade body comprised of a cross-section of FX industry participants.”