Investing in currencies has become significantly more challenging as banks have reduced their market-making activities in preparation for new requirements for bank capital. The FX industry is also struggling with the implications of the proposed ban on proprietary trading under the Volcker rule, according to buy-side speakers at the FX Invest Europe conference in Zurich earlier this week. "Banks that were accustomed to being market-makers in the forex business were also accustomed to being lenders of last resort - or warehousers of risk - and operated as a valuable and timely shock absorber to moves in the ... (full story)