Forex industry fights back with its own lobby group.
“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.”
“The Foreign Exchange Professionals Association (FXPA), which represents a full array of participants in the foreign exchange markets, welcomes the Financial Stability Board’s final report on Foreign Exchange Benchmarks. The report outlines numerous areas that all participants in this industry should focus on and acknowledges there may be challenges and costs associated with the changes. However, bringing transparency and increasing confidence in the FX market is critical and many of these recommendations will be embraced by market participants.”
The full FSB report can be found at: http://www.financialstabilityboard.org/publications/r_140930.pdf
WASHINGTON, DC, September 25, 2014: Today marks the launch of the Foreign Exchange Professionals Association (FXPA), a new trade body uniquely comprised of a cross-section of FX industry participants. Based in Washington, DC, FXPA’s aim is to engage key US and international regulators, policymakers, the general public and news media, through a combination of education, research and advocacy to advance a sound, liquid, transparent and competitive global currency market.