swiss forex

It's time to make things happen in capital markets

I can call spirits from the vast deep, said Shakespeare's Owen Glendower. Smart aleck hotspur retorted, "Why, so can I, but will they come when you call for them?" The timeless message was that true clout is an ability to make things happen when needed. I make the case that the regulatory legitimacy of the Foreign Exchange Dealers Association (FEDAI) versus the Fixed Income and Money Market Dealers Association (FIMMDA) may explain the development chasm between wholesale foreign exchange (forex) and fixed income markets. Both institutions are Sec 25 companies, but FEDAI is officially recognised by RBI as a Self-Regulatory Organisation (SRO). FIMMDA has no such official sanction and has not sought it (in fact, it may have shunned it). But it may be time to review the originally sound rationale to model FIMMDA on the UK bond dealers association because of the lack of change and lack of authority to propel change.