Euromoney isn’t into bashing the FX market on the whole. In fact, we are supporters of it and what the future has in store. But – and there is a big but – $10 billion in fines is no laughing matter, so a bit more rule-following isn’t a bad idea.
That is why, when we decided to change the methodology for the FX survey this year, we did so with some trepidation. With FX providers explicitly barred from contacting potential respondents, we wondered if that would be a red flag to the rule-bending bulls. We set out an array of sanctions and offered clients every chance to whistle blow but we still weren’t sure it would work.