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Video / 13 June 2014 at 10:28 GMT

FX regulation and what every trader must know

Ken Veksler
We could soon see all FX being exchange traded; that's the view of Ken Veksler, the MD of Accumen Management.It follows a speech by Britain's Chancellor on Thursday where he announced there'd be tougher rules on currency rigging. Ken says the OTC market has essentially been relatively free of external interference up to now and it's an "easy target" to act against what he calls the "last bastion" of unregulated markets. 
On Thursday, George Osborne said the UK would introduce a new domestic criminal offence for market abuse, noting that Britain would opt out of European rules which he said "aren't sufficient for our needs." The UK already has strict penalties for anyone caught manipulating the Libor rates. Veksler says if exchange trading does happen, it will legitimise FX as a genuine asset class. However, he also has major concerns about the consequences.

Ken Veksler Ken Veksler
Caught me on a bad day (angrier than usual) about a topic that is very close to heart.
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
CME Group, Eurex and NASDAQ are all going after the "Exchange Traded" FX space in Europe, launching products that match "Spot". Many of the existing FX contracts on IMM (CME's long established FX Futures market) are "US-Centric" in the way they're listed. Personally I'm all for it, and I'm all for regulation of FX (Whether politically motivated or otherwise). I'm also in favour of the "Central Clearing" model that you get trading on-exchange. But then I spent 10 years of my career on LIFFE so I'm bound to be "pro-Exchange Traded Futures!".
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
If you trade through an Exchange you mitigate counterparty risk and you can offset margin. Obviously these are mainly considerations for the bigger players and maybe not your average "man on the street", but in the main (by that I mean MF Global aside!) central clearing/trading/settlement has been a good thing for all, whereas there are a number of Spread Bet firms that have gone bust in recent years with only the FSCS (If it's UK Based) there to "rescue" things...
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
PS, Ken, I think your mob might just struggle against Chile tonight!! ;-)
Ken Veksler Ken Veksler
No comment re exchange stuff, we can discuss over a few adult beverages offline. Re Australia, the only thing going for them is the fact that it's Friday the 13th...


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