While the issue of credit has become serious, it is arguably less so in FX. After all, the market hardly rushed to mitigate credit risk and trade on FXMarketSpace. But this is a story that will run and run.
The same may not be true in other assets, such as credit default swaps. I was recently sent some research by Goldman Sachs. “We expect the turmoil among global banks to drive a change in market structure that favours derivative exchanges over the current OTC arrangements.
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