Lee Oliver reports.
This year’s Euromoney foreign exchange poll provides further evidence that the market is booming. It is almost becoming a cliché that FX is now considered an asset class in its own right. This has helped it to attract a new range of participants and has also contributed to forcing many traditional buy-side institutions to manage their currency exposure more professionally and more actively.
Many view this growth, which for the moment shows no signs of abating, as clear proof that there is very little wrong with the industry. Participants from the sell side naturally enough believe that they are providing best execution and, probably more important, it appears that the buy side generally agrees with them.
And yet the nagging concern that, some day soon, the world’s financial regulators are going to want to get their hands on its largest...
