Autorité des marchés financiers: Backdoor regulation
The Autorité des marchés financiers (AMF), the French regulator, has recently decreed that financial institutions must include the currency amount for settlement when they report their transactions. Under the Markets in Financial Instruments Directive (Mifid), firms must include the settlement amount for all securities-related transactions.
The AMF is believed to be the only regulator to demand that the currency amount is now shown. This effectively discloses the FX rate clients are given when they do a cross-border securities transaction. Because the trades are time-stamped, it allows customers to easily check if they are being ripped off somewhere along the deal chain.