Search Results
Discussion Paper
Towards Increasing Complexity: The Evolution of the FX Market
The foreign exchange market has evolved extensively over time, undergoing important shifts in the types of market participants and the mix of instruments traded, within a trading ecosystem that has become increasingly complex. In this post, we discuss fundamental changes in this market over the past twenty-five years and highlight some of the implications for its future evolution. Our analysis suggests that maintaining a healthy price discovery process and fostering a level playing field among participants are areas to watch for challenges. The consequences of the evolution of the FX ...
Speech
Evolving Market Structure and the Desk’s Role
Remarks at the Fifth Conference on the International Roles of the U.S. Dollar, Board of Governors of the Federal Reserve System, Washington, D.C.