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ASIC reports on practices in wholesale foreign exchange markets
ASIC today released Report 652 Wholesale FX practices in Australia, summarising our work in wholesale foreign exchange (FX) markets during 2018 and 2019. The report highlights our observations of better practices and some poor practices used by participants operating in the market. FX is a key global market and is of systemic importance to the Australian economy. To function effectively, the FX market relies on participants to act with integrity and fairness. As of April 2019, total global FX volume was around USD6.6 trillion per day, and the Australian dollar is the fifth most traded currency in the world. As part ... (full story)