The Foreign Exchange Professionals Association (FXPA) supports the Final Report published by the Fair and Effective Markets Review (FEMR) today, which sets out 21 recommendations to help restore trust in the wholesale Fixed Income, Currency and Commodity (FICC) markets.
“FEMR’s Final Report provides a framework to move the FX industry towards a series of generally accepted standards globally. FEMR has taken an important and thoughtful step forward, one that has clearly been made after considerable consultation with a wide selection of market participants,” says FXPA. “The FXPA was formed to allow for a dialogue across a diverse group of market participants. We hope to be a useful partner in formulating solutions that will restore trust in the FX market, and advance a sound, liquid, transparent and competitive global currency market.”
“FXPA believes regulation must be coordinated so as to minimize chances of regulatory arbitrage. The FEMR recommendations around FX provide a foundation for a global conversation among all market participants toward this goal,” FXPA continues.
The Review was established by the Chancellor of the Exchequer and Governor of the Bank of England to help to restore trust in those markets in the wake of a number of recent high profile abuses.