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FXC Critical of Shifting Compliance Burden to FX Dealers
The Federal Reserve Bank of New York’s Foreign Exchange Committee (FXC) has issued a letter criticising market participants for trying to shift the burden of enforcing internal policies and controls towards FX dealers. In the letter, the FXC says that its member firms have noted that FX market participants occasionally send notices, letters and other communications (“authorisation letters”) to dealing firms “that limit and/or restrict the authority of individuals to submit orders or instructions, trade, invest or authorise settlement-related instructions on the firm’s behalf”.

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