Hong Kong Panel Cracks Down Over Fringe Forex Dealers

REGULATIONS

Market sources have welcomed a public consultation document in Hong Kong released by the Securities and Futures Commission (SFC) on proposed legislation to crack down on growing foreign exchange abuses in the British colony.

"I see this as a positive step which hopefully will be given the full force of law by the end of the year," says a spokesperson for Union Bank of Switzerland, a leading player in the local interbank market according to a poll conducted earlier this year (FX Week, April 5)