{"title":"重新思考即期外汇监管","authors":"Min-woo Kang","doi":"10.1080/17521440.2019.1631959","DOIUrl":null,"url":null,"abstract":"It is widely accepted that spot foreign exchange (FX) represents immediate delivery for actual demands and commercial purposes. Regulatory exemption is a common practice for spot FX trading in every jurisdiction. This article explores the current regime for spot exchange and examines whether there exists any material regulatory void. By demonstrating that spot exchange has intrinsic investment attributes, we call for regulators to apply the market abuse regulation to currency trades for ensuring market integrity and investor protection in the foreign exchange market. We also stress the role of statutory regulation in controlling misconduct and market transparency. A heavy reliance on self-regulation is limited and will not help prevent the recurrence of the 2013 manipulation scandal. Further, given the global nature of FX markets, international coordination is of critical importance.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2019-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2019.1631959","citationCount":"1","resultStr":"{\"title\":\"Rethinking spot FX regulation\",\"authors\":\"Min-woo Kang\",\"doi\":\"10.1080/17521440.2019.1631959\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"It is widely accepted that spot foreign exchange (FX) represents immediate delivery for actual demands and commercial purposes. Regulatory exemption is a common practice for spot FX trading in every jurisdiction. This article explores the current regime for spot exchange and examines whether there exists any material regulatory void. By demonstrating that spot exchange has intrinsic investment attributes, we call for regulators to apply the market abuse regulation to currency trades for ensuring market integrity and investor protection in the foreign exchange market. We also stress the role of statutory regulation in controlling misconduct and market transparency. A heavy reliance on self-regulation is limited and will not help prevent the recurrence of the 2013 manipulation scandal. Further, given the global nature of FX markets, international coordination is of critical importance.\",\"PeriodicalId\":43241,\"journal\":{\"name\":\"Law and Financial Markets Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2019-06-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1080/17521440.2019.1631959\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Law and Financial Markets Review\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1080/17521440.2019.1631959\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"Social Sciences\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Law and Financial Markets Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/17521440.2019.1631959","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"Social Sciences","Score":null,"Total":0}
It is widely accepted that spot foreign exchange (FX) represents immediate delivery for actual demands and commercial purposes. Regulatory exemption is a common practice for spot FX trading in every jurisdiction. This article explores the current regime for spot exchange and examines whether there exists any material regulatory void. By demonstrating that spot exchange has intrinsic investment attributes, we call for regulators to apply the market abuse regulation to currency trades for ensuring market integrity and investor protection in the foreign exchange market. We also stress the role of statutory regulation in controlling misconduct and market transparency. A heavy reliance on self-regulation is limited and will not help prevent the recurrence of the 2013 manipulation scandal. Further, given the global nature of FX markets, international coordination is of critical importance.
期刊介绍：
The Law and Financial Markets Review is a new, independent, English language journal devoted to providing high quality information, comment and analysis for lawyers specialising in banking and financial market issues and to others with interests in legal and regulatory developments affecting the financial markets. Published four times a year LFMR contains articles written by leading experts providing a forum for practical guidance on, as well as reflective and topical analysis of, all major jurisdictions, with a particular focus on the interaction between the law and market practice and behaviour.
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