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The imposition of a more stringent global regulatory regime for all financial markets is the talk of the town at the moment. So it is somewhat surprising to discover that the implementation of the Markets in Financial Instruments Directive (Mifid) in the EU in November 2007 resulted in a huge decrease in the number of FX brokers registered with the FSA.
Neither the FSA nor the broking firms I spoke to will say how many brokers have let their registrations lapse. Clearly there is a cost involved in registering, and while I’m not suggesting the firms...
