Regulators fail to address key issues in FX, participants say

While they see some positives they believe there's still too many practices open to abuse

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"The regulator is attempting to regulate a utopian world where liquidity costs nothing and trading activity has no impact," says Woolmer

Regulators are failing to address key issues in foreign exchange markets as initiatives launched since the start of the FX fixing scandal stop short of enforceable rules, show little regard to the unique structure of currency markets and do little to incentivise practices changing, market participants say.

The comments come a week after an update on the UK's Financial Conduct Authority's (FCA) FX remediation programme and in the wake of the publication of the Fair and Effective Markets Review (F