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FX regulation and what every trader must know

We could soon see all FX being exchange traded; that's the view of Ken Veksler, the MD of Accumen Management.It follows a speech by Britain's Chancellor on Thursday where he announced there'd be tougher rules on currency rigging. Ken says the OTC market has essentially been relatively free of external interference up to now and it's an "easy target" to act against what he calls the "last bastion" of unregulated markets.

On Thursday, George Osborne said the UK would introduce a new domestic criminal offence for market abuse, noting that Britain would opt out of European rules which he said "aren't sufficient for our needs." The UK already has strict penalties for anyone caught manipulating the Libor rates. Veksler says if exchange trading does happen, it will legitimise FX as a genuine asset class. However, he also has major concerns about the consequences.

02:56 minutes
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