Exchanges Await Starting Gun In Race To Trade Cross Rates


Of the three U.S. exchanges that have filed to trade cross rate currency products this year, none have received regulatory approval yet. In fact, in what could be an interesting twist of fate, the Philadelphia Stock Exchange (PHLX), the last to apply, may be the first to get approval.

Although exchange officials have often complained about the regulatory process for just this reason, they also have themselves to blame in this case. Cross rate trading has been one of the fastest growing areas

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