U.S. FX Brokers Take Lead Over Banks In Adopting 'Switches' Guidelines
BROKERS
Banks in the U.S. have so far been slow to follow the lead set by FX brokers in implementing the late-September recommendations by the Federal Reserve's Foreign Exchange Committee regarding name substitution in the brokered foreign exchange market, known as "brokers' switches."
However, many say they do plan to comply, and some major banks that previously declined to participate in switches, have now expressed a willingness to operate within the committee's recommendations.
Implementing the
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