GFMA Submits Comments to HKMA and SFC on Proposed Regulatory Regime for OTC Derivatives Markets in Hong Kong
30 November 2011
The Global Foreign Exchange Division (GFXD) welcomes the opportunity to comment on behalf of its members on the Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) consultation on the proposed regulatory regime for OTC derivatives.
The FX market is the world’s largest financial market. Effective and efficient exchange of currencies underpins the world’s entire financial system. Corporations and investors regularly participate in the market for operational needs: to reduce risk by hedging currency exposures; to convert their returns from international investments into domestic currencies; and to make cross-border investments and raise finance outside home markets.