Foreign Exchange Fundamentals for Advisers – A Comprehensive Guide – Part 3

Regulatory and Compliance Considerations

Advising on foreign exchange and implementing FX strategies requires navigating various regulatory frameworks. In Australia and globally, FX-related services are tightly overseen to protect clients and maintain market integrity. Here we outline the key regulatory and compliance aspects relevant to Australian financial advisers, including comparisons with the UK and US systems:

Australian Regulatory Environment (ASIC and AFSL)

In Australia, the Australian Securities and Investments Commission (ASIC) is the primary regulator for financial services, including foreign exchange dealing and advice. Under Australian law, foreign exchange contracts (including forward contracts, options, CFDs on FX, etc.) are classified as financial products. Therefore, providing advice on or dealing in these products for clients requires an Australian Financial Services Licence (AFSL) with the appropriate authorizations. Specifically:

• An adviser or firm needs a licence endorsement for “derivatives” or “foreign exchange contracts” to recommend or arrange forward FX contracts or options. Without this, advising a client to enter a forward could be unlicensed advice.
• Spot FX (currency conversion) that’s done on the spot isn’t always considered a financial product (currency itself as legal tender is usually not a financial product). However, many retail FX transactions are actually margined or leveraged products offered by brokers, which are financial products. As a rule of thumb, non-deliverable trading or FX speculation offerings are regulated as derivatives, whereas merely exchanging money for personal use is not.

ASIC imposes strict obligations on licensees dealing in FX: they must maintain competence (qualified staff), adequate financial resources (including minimum capital for OTC derivative issuers, which is at least AUD $1 million net assets or more), and compliance systems. In early 2021, ASIC introduced product intervention measures on CFD and FX brokers, citing widespread retail losses. These measures:

• Capped maximum leverage at 30:1 for major currency pairs (lower for minors and exotics) for retail clients.
• Mandated negative balance protection (clients cannot lose more than their account equity).
• Prohibited inducements like sign-up bonuses that encouraged overtrading.
• Enhanced risk disclosure requirements (brokers must display what percentage of retail accounts lose money, etc.).

The result is Australia now aligns with Europe’s protective stance for retail FX trading. Many overseas brokers who offered extreme leverage (like 500:1) either left the market or refocused on professional clients only. ASIC has actively enforced breaches; for example, in 2024 ASIC cancelled the AFS licence of an FX broker for failing to have adequate resources and not complying with its obligations. That action underscores that regulators will step in if they see unprofessional conduct in this sector. Advisers need to ensure that any third-party FX provider they refer clients to is ASIC-licensed and in good standing. They should also ensure they themselves meet RG146 competency requirements for FX advice – meaning advisers should have undertaken specialist training (like the SIAA FX course or equivalent) if they are directly advising on FX products.

When advising retail clients on FX, the usual conduct and disclosure rules apply: a Statement of Advice (SoA) should document the strategy (e.g. recommending a forward contract), including why it’s suitable, costs, and risks. Product Disclosure Statements (PDS) from product issuers (like a PDS from a bank for their FX forward facility or from a broker for a FX option) should be provided to the client. The adviser also must adhere to the best interests duty – essentially, only recommending FX trades if it genuinely serves the client’s objectives (for example, hedging a risk, not for speculation unless that is within the client’s risk-seeking profile).

AML/CTF laws are also relevant: FX transactions, especially cross-border transfers, can be a vehicle for money laundering. AUSTRAC requires reporting of significant transfers over $10,000 and identifying clients for currency accounts or international transfers. If an adviser is helping facilitate a large foreign exchange, they should be mindful of these requirements (though typically banks handle the reporting). Advisers should also caution clients against dealing with unregulated FX providers or crypto exchanges that might bypass legal channels, as that could raise legal issues.

UK Regulatory Environment (FCA)

In the United Kingdom, the Financial Conduct Authority (FCA) regulates retail foreign exchange and derivative products. The UK has historically been a major FX hub (London is the world’s largest FX trading center, with a significant portion of global turnover), so the UK framework is well-developed:

• Firms offering FX trading or advice in the UK must be authorized by the FCA (or the Prudential Regulation Authority for banks). Retail forex brokers in the UK must comply with conduct rules similar to ASIC’s – in fact, the FCA implemented identical leverage caps (30:1 on majors, etc.) in line with the EU’s European Securities and Markets Authority (ESMA) rules from 2018. Post-Brexit, the FCA made these permanent in the UK.
• FCA also requires brokers to provide negative balance protection and standard risk warnings (e.g. “X% of retail accounts lose money with this provider”).
• The UK has a compensation scheme (FSCS) which can cover client losses if a broker fails, up to £85,000, which gives some safety net not present in Australia. This only covers broker default, not trading losses.
• Financial advisers in the UK providing FX or any derivative advice must similarly have permissions and adhere to conduct of business rules (COBS). One notable difference: in the UK, independent financial advisers typically focus on investment funds and might rarely advise on standalone FX forwards or options for clients (except possibly for very high-net-worth cases). It might be more common for a UK client to handle FX hedging via their bank’s treasury or a specialist firm than through a retail financial planner, but the rules allow it if properly qualified.

The FCA, like ASIC, has taken enforcement actions against firms mis-selling FX or running afoul of client money rules. Also, the FCA has had to supervise the fallout of past scandals like the manipulation of FX benchmarks by bank traders (which led to the global FX Code of Conduct mentioned later). Now, FCA closely monitors how firms handle client orders in FX to ensure no manipulation or front-running.

In summary, the UK’s approach is aligned with Australia’s on core retail protections: ensure leverage is limited, transparency, and licensing for any firm giving advice or service in FX. For advisers, referencing FCA guidelines can provide a perspective on best practice – for example, ensuring best execution when executing an FX trade for a client (UK firms are obliged to get the best available rate for the size, and disclose how they route orders).

US Regulatory Environment (CFTC and SEC)

The United States splits oversight of foreign exchange between agencies: the Commodity Futures Trading Commission (CFTC) oversees retail off-exchange FX and futures, while the Securities and Exchange Commission (SEC) oversees currency-related securities (like currency ETFs or notes) and the activity of investment advisers in general. Additionally, the U.S. has the National Futures Association (NFA) as a self-regulatory body for forex dealers.

Key points:

• After the Dodd-Frank Act (2010), the CFTC was given expanded authority to regulate retail forex dealers. They issued rules capping leverage for US retail clients at 50:1 for major currency pairs and 20:1 for others, and required any firm offering retail FX to register as either an FCM (Futures Commission Merchant) or RFED (Retail Foreign Exchange Dealer). They also set a very high minimum capital requirement: USD $20 million plus additional based on liabilities, which drastically reduced the number of players to only the most well-capitalized (today only a handful of brokers like OANDA, Gain/Forex.com, etc., operate in US retail FX). This capital bar and strict oversight were aimed at preventing fraud and ensuring stability, acknowledging retail FX’s history of abusive bucket shops. Indeed, the CFTC Chairman called retail FX “the largest area of retail fraud” they oversee.
• The CFTC/NFA rules also mandated robust disclosures and gave NFA authority to enforce compliance. For example, NFA requires disclosure of percentage of losing accounts, similar to Europe.
• The SEC’s role comes in if an investment adviser (RIA) manages foreign securities or currency positions as part of a client portfolio. An RIA must act as fiduciary; if they decide to hedge currency risk, they must do so prudently and likely disclose that strategy in the client’s investment policy or advisory agreement. While the SEC doesn’t regulate spot FX, it does regulate “swaps” broadly after Dodd-Frank – certain FX derivatives might be defined as swaps requiring reporting and business conduct standards.
• One particular note: in the US, offering tailored FX advice or forwards to retail clients can be tricky outside of futures or regulated broker platforms. Banks can offer deliverable forwards to commercial clients without CFTC registration (deliverable forwards are mostly exempt for commercial purposes), but for speculative or investment purposes for retail, one usually goes through registered entities.
• US advisors often handle currency risk through mutual funds/ETFs that are currency-hedged or through currency funds rather than direct forwards with clients. If a US client needed a specific forward, an advisor might facilitate it with a bank, but the advisor should ensure it doesn’t stray into commodity trading advisor (CTA) territory inadvertently (since giving advice on FX trading could require CTA registration if it’s a primary service).

In effect, the US environment protects retail clients by limiting who can offer FX products and under what terms. It’s arguably even stricter than Australia/UK in leverage (50:1 vs 30:1, albeit not a huge difference) and capital requirements.

Advisers in Australia should glean that globally regulators share common concerns: high leverage and complex FX products can harm unsophisticated investors; hence, regulation is about controlling leverage, enforcing transparency, and ensuring firms and advisers are qualified and accountable.

Global Regulatory Coordination and Codes

Foreign exchange is a global market, and regulators do communicate on standards. The FX Global Code (established in 2017 by central banks and the Global Foreign Exchange Committee) is a set of principles for good conduct in the FX market (covering areas like ethics, transparency, trade execution, information handling, etc.). While the Global Code is voluntary and targeted at market participants (banks, dealers, brokers), many regulators (including ASIC, FCA, and the Federal Reserve) support it and expect wholesale market participants to adhere to it. For example, institutions signing the code commit to principles such as avoiding front-running client orders, handling confidential info properly, and using fair pricing. For advisers, the takeaway is that the institutional venues where they execute FX should be operating under these ethical standards. If an adviser uses a bank or broker to hedge for a client, dealing with one that has signed the Global Code indicates a commitment to integrity (though not a legal requirement).

Comparatively, some countries have more direct control: China’s central bank directly manages the CNY range, and some emerging markets have FX controls (e.g., limits on currency outflows). If advising a client with exposure to a currency with capital controls or pegged regime, one must consider the risk that you might not freely convert or hedge that currency. Also, from a compliance perspective, sanctions laws can come into play – certain countries or individuals can’t be paid or dealt with. For instance, current global sanctions might restrict FX dealings with certain nations. Advisers should ensure any cross-border transfer or investment complies with sanctions and exchange control regulations.

Compliance Best Practices for Advisers

• Licensing & Competence: Ensure you (or your firm) have the necessary AFSL authorization for FX advice. Maintain your competence – CPD training like this module contributes to that. If something is outside your expertise (say complex FX options), consider bringing in or referring to a specialist rather than guess.
• Disclosure: Fully disclose risks of FX strategies in writing. For example, if recommending leaving a portfolio unhedged, note that “client will be exposed to currency risk which can magnify losses or gains; the rationale is [diversification, long-term view, etc.].” If recommending a product, ensure the PDS is given.
• No Misleading Statements: Clients should not be misled about the certainty or safety of FX strategies. Hedging reduces risk but doesn’t guarantee a better outcome – make sure they understand that.
• Record of Advice and Decisions: Document the client’s foreign currency exposures and the discussion about how to handle them. If the client chooses not to hedge a significant risk, note that it was discussed and they’re comfortable. This is both good practice and a liability shield should questions arise later.
• Cross-border considerations: If you have clients overseas or dealing with foreign regulators, be aware you might need to comply with those rules too or register appropriately (or advise them to consult a local adviser). For example, an Australian adviser with UK clients might need FCA permissions or rely on exemptions.
• Ethical Duty: As per the FASEA Code of Ethics in Australia, Standard 5 and 6 require that you deliver advice that is informed by adequate understanding of the client and that the client understands your advice. So if FX risk is pertinent, fulfilling your ethical duty means educating the client about that risk and the options to manage it, even if the client doesn’t specifically ask. Ignoring FX risk could be seen as not acting in the best interest if it was a foreseeable detriment.
• Client’s best interest and appropriateness: Some FX instruments, like leveraged CFDs or exotic options, would rarely be in a typical client’s best interest. Recommending those to an average retiree, for instance, would breach your obligations. Align solutions to client sophistication – e.g., for a conservative client, using a simple hedged managed fund might be far more appropriate than engaging in rolling forward contracts themselves.

Comparison Summary

To briefly compare:

• Australia (ASIC): Focus on licensing (AFSL), RG146 advisor training, product intervention for leverage, enforcement on misconduct, heavy emphasis on compliance culture.
• UK (FCA): Similar protections, plus compensation scheme, broad oversight of massive FX market, expectation of adherence to global codes, very outcome-focused regulation (ensuring fair treatment of customers).
• US (CFTC/SEC): High capital & limited players for retail FX, stringent enforcement (many US cases against fraudsters in FX), separate regime for advisors but overall a tough stance on speculative forex targeting the general public.

All have converged on a theme: protect retail consumers, demand honesty and competence from providers, and maintain market integrity.

For Australian advisers, complying with local law is primary, but understanding these global standards can bolster the quality of your practice. For instance, even though not legally required, you might voluntarily follow certain Global Code principles like handling client FX trades with transparency about pricing or refraining from aggregating client orders in a way that disadvantages them.

In conclusion, navigating FX in advisory work must be done with a compliance-first mindset. The regulatory frameworks in Australia, the UK, and US all aim to ensure that FX risks are explained and that clients are not mis-sold inappropriate products. By staying within licensing boundaries, keeping up with regulatory changes (such as ASIC’s rolling renewal of the CFD product intervention order until 2027), and upholding ethical standards, advisers can confidently incorporate foreign exchange solutions in their practice to the benefit of clients.

Best Practices for Advisers Managing FX Risk

Bringing together all the elements discussed, here are some best practice guidelines for financial advisers dealing with foreign exchange issues in client portfolios:

• Integrate FX Risk Assessment in Client Fact-Finding: When gathering information about a client’s situation, explicitly ask about any foreign assets, income, or liabilities. Do they own overseas investments? Do they have family or expenses abroad? Sometimes clients forget to mention a foreign bank account or upcoming international payment unless prompted. A simple checklist ensures FX exposures come to light. Additionally, evaluate the implicit FX exposure in any international funds or ETFs they hold – check if those are hedged or unhedged, and make sure the client is aware.
• Educate the Client on Currency Risk: Use clear, relatable examples (as provided in this guide) to explain how currency movements can affect their finances. For instance, show a hypothetical scenario of an unhedged vs hedged investment during a past period of large AUD movement (charts or numbers) to illustrate the difference. Ensure the client understands terms like “hedging” and is aware that currency can be a source of both risk and opportunity. Many clients may have a home bias simply because FX seems intimidating; a bit of education can improve their comfort with global investing and hedging choices.
• Align Strategy with Client Goals and Psychology: Match the hedging approach to what the client cares about. If the client’s priority is wealth preservation and meeting a specific goal, lean towards hedging critical amounts (they likely value certainty). If the client’s priority is maximizing returns and they can stomach volatility, they might accept currency risk or even want to exploit it. Some younger accumulation-phase clients might not hedge international equity at all, viewing the volatility as acceptable for potential long-run extra return if AUD depreciates. In contrast, a retiree drawing income might prefer to eliminate currency fluctuations that could disrupt their cash flow planning. This aligns with KYC (Know Your Client) and suitability obligations.
• Policy Setting and IPS: For larger clients or those with detailed financial plans, incorporate an FX policy in their Investment Policy Statement (IPS) or plan document. For example: “Up to 30% of portfolio may be in foreign currency exposure; default hedge ratio for equities is 50% and for fixed income 100%, to be reviewed annually” or whatever fits. This sets expectations and provides a reference point to avoid ad-hoc decisions driven by short-term market sentiment (which can lead to performance chasing or regret).
• Use Simplicity Where Possible: If a client’s needs can be met with a straightforward product, prefer that over complex bespoke transactions. For instance, if a client wants international equity exposure but not currency risk, using a currency-hedged global equity fund is simpler and less error-prone than manually executing forwards every month. Complexity can introduce cost, operational risk, and misunderstanding. Reserve custom forwards/options for cases where off-the-shelf solutions don’t exist (e.g., hedging a specific one-time large transaction, or exposures in a currency where no suitable hedged funds exist).
• Cost-Benefit Analysis: Before executing a hedge or FX trade, consider the costs relative to the exposure size and risk. If a client has a relatively small overseas holding, the absolute risk might be minor – perhaps not worth an active hedge once transaction costs are considered. Conversely, a very large exposure might warrant more sophisticated layered hedges (dividing into tranches hedged at different times or using options for part). Always ask: what’s the worst-case FX move and how much would that hurt? And what’s the cost to mitigate it? Balance these objectively.
• Diversification of Currencies: If a client has exposure across multiple foreign currencies (say USD, EUR, JPY in a global portfolio), recognize that not all currencies move in sync. Diversifying currency exposure can actually reduce overall currency volatility (some will strengthen while others weaken against AUD). For example, in a period when USD is falling, perhaps EUR is rising. Advisers should consider the correlations – maybe hedging all or none is not as effective as hedging selectively. A concept known as a “minimum variance hedge” sometimes comes up where you hedge more of the currencies that add volatility and less of those that offset volatility. In practice, for simplicity, many just apply the same hedge ratio to all, but be aware of concentration: if a client’s foreign assets are heavily concentrated in one currency (like all USD assets), that’s a bigger single risk than if spread out. You might hedge a higher portion of a concentrated currency exposure versus a broad basket.
• Stay Informed on Macro and FX Markets: You don’t have to be a currency trader, but advisers should keep an eye on major trends and central bank policies as part of their ongoing research. Knowing that the US Fed is expected to cut rates next year while RBA is on hold, for instance, might inform your conversation about the outlook for AUD/USD. Clients will sometimes ask, “Where do you think the dollar is heading?” It’s fine to not have a precise answer (no one does reliably), but showing that you’re informed (“The Aussie has been weak due to X, Y, Z, but it’s below long-term fair value estimates; however, external factors like commodity prices and Chinese demand will play a role”) builds trust. It also helps you anticipate when dormant issues (like a rapidly rising AUD that might need hedge adjustments) are coming.
• Avoid Speculation Unless Mandated: It’s worth reiterating: do not use FX instruments to speculate with client money unless the client explicitly has that mandate and risk appetite (and even then, such activity should be cautious and limited). Using leverage to gamble on currencies for a client would almost certainly violate best interest duty and could end in disaster. The role of FX strategies in financial planning should be primarily defensive or strategic (hedging risk, or intentionally leaving something unhedged for diversification). If a client proactively wants to take a currency bet (e.g., “I think USD will rise, can we profit?”), ensure they understand the risks and perhaps contain it as a small, speculative portion of the portfolio with strict limits.
• Document and Review: Keep notes on what was decided regarding FX strategy and why. At least annually, review the outcomes: Did the hedging strategy work as intended? Does it need tweaking? For example, if the client consistently expresses regret – “I wish we hadn’t hedged, I missed out on gains” or vice versa – that might indicate their preference or situation has changed, and you can adjust the plan. Review also for any new exposures (maybe they started a job with overseas salary, etc.).
• Collaborate with Other Professionals: FX can have accounting and legal angles. Coordinate with the client’s accountant on things like tax treatment of forex gains (especially if large or if hedges are involved) to ensure compliance and possibly optimize (accountants might decide to opt out of certain forex provisions or use specific methods). If the client is doing cross-border transactions, sometimes legal advice on exchange controls or contractual currency clauses is relevant. A holistic approach ensures the client’s interest is protected from all sides.
• Utilize Technology and Tools: There are now fintech solutions and platforms that can help monitor and execute FX hedges more efficiently. Some portfolio management software can report the currency exposure of a portfolio in real time. Some banks offer online platforms where you can set up forward contracts with a few clicks and see live rates. Embrace these to improve execution timing and reduce errors. Also, using limit orders or alerts can be helpful – e.g., if a client is fine to convert money as long as AUD is above a certain level, you could set an alert or automated order to do the exchange when that level hits.
• Ethical Conduct and Client First: Always circle back to the ethical principles – act with integrity and in the client’s best interest. That might mean sometimes advising against an FX move the client is eager for if it’s too risky (counselling patience or caution), or recommending a modestly priced bank forward over a higher-commission CFD trade for the same purpose (taking yourself out of a commission perhaps, but doing right by the client). Maintaining trust is paramount, and given FX is often less understood by clients, they heavily rely on your integrity here.

By following these best practices, advisers can confidently incorporate foreign exchange management into their services, turning what for some clients is a confusing risk into a well-managed aspect of their financial picture. In doing so, advisers add significant value – they help protect clients from avoidable currency pitfalls, open up global investment opportunities safely, and ensure that cross-border ambitions (be it owning a holiday home or funding education abroad) are achieved without FX surprises derailing the plan.

Conclusion

In an increasingly global financial environment, understanding foreign exchange fundamentals has become essential for financial advisers. Australian clients are more exposed than ever to currency movements – whether through international investments, overseas travel and education expenses, or simply the globalization of markets affecting their superannuation funds. This comprehensive guide has covered how FX markets operate, the economic forces that drive exchange rates, and the role of central banks in influencing currency values. We explored the impact of currency fluctuations on client portfolios, illustrating that while FX can introduce volatility, it can also provide diversification benefits for Australian investors due to the unique behavior of the AUD.

We delved into the toolkit of FX instruments available – from straightforward spot conversions to forwards, futures, options, and swaps – and explained their practical uses in hedging and risk management. Real-world examples demonstrated how advisers can lock in exchange rates to protect clients from unfavorable moves, or use options to insure against worst-case scenarios while still allowing upside. Importantly, we also examined the taxation treatment of foreign exchange gains and losses in Australia, ensuring that advisers remain cognizant of the after-tax outcomes of any FX strategy.

A critical component of the discussion was regulatory compliance. We compared Australian regulations with those of the UK and US, highlighting the common themes of client protection (especially around leveraged FX trading) and the necessity for advisers to be properly licensed and competent when advising on FX matters. ASIC’s rules, along with global standards like those from the FCA and CFTC, set clear expectations that FX transactions for clients must be conducted with transparency, prudence, and within a well-supervised framework. Advisers should always keep these compliance requirements in focus to maintain trust and avoid legal pitfalls.

Having equipped ourselves with this knowledge, we outlined best practices for advisers managing FX risk. From thorough client fact-finding and education, to aligning hedging strategies with client goals, to the nuts-and-bolts of executing and monitoring FX hedges, these guidelines serve to ensure that currency risk is managed proactively and professionally. At the heart of these best practices is the principle of putting the client’s interests first – using FX tools as a means to provide security and clarity for the client’s financial journey, rather than as an end in itself.

Completing this course, advisers should feel confident in identifying foreign exchange risks that their clients face and in explaining those risks in clear terms. More so, advisers can add value by recommending appropriate strategies to manage FX exposure: for instance, advising a partial hedge on a US equity portfolio to reduce volatility for a retiree, or structuring a forward contract to secure a future USD payment for a client’s property purchase. They will also be able to navigate the practical considerations – such as choosing the right instrument, considering tax effects, and fulfilling regulatory obligations when implementing the strategy.

In summary, foreign exchange fundamentals are now a core competency for globally-minded advisers. By mastering these concepts and approaches, Australian financial planners can better serve clients in a world where currencies matter to everyone’s wealth. They can help clients enjoy the opportunities of global investment and lifestyle choices, while confidently managing the accompanying currency risks. This not only safeguards client portfolios and plans from adverse currency swings, but also differentiates the adviser as a comprehensive, forward-thinking professional. In a profession dedicated to guiding clients toward their financial goals, being fluent in the language of foreign exchange is an increasingly important skill – one that ultimately contributes to more robust, resilient financial plans in an interconnected world.

References:

1. Reserve Bank of Australia – “Drivers of the Australian Dollar Exchange Rate” (RBA Education Explainer).
2. Betashares – “Re-thinking Currency Hedging” (Insights article, 2024) – Analysis of hedging impact on Australian portfolios.
3. Pojarliev, Momtchil – “Some Like It Hedged” (CFA Institute Research Foundation, 2018) – Study on currency exposure and hedging strategies for institutional investors.
4. Osadchiy, Artur – “Foreign Currency Transactions & Tax: How forex gains and losses affect Aussies” (Tax Window, 2023) – Plain English explanation of Australian tax treatment of FX gains/losses.
5. Australian Taxation Office – “Foreign exchange gains and losses – overview” (ATO, updated Oct 2024) – Guidance on Division 775 and translation rules for forex events.
6. MoneyHub NZ – “Forex Regulation – ESMA vs ASIC vs FCA vs CySec vs others” (Moneyhub.co.nz, 2023) – Comparative overview of global retail FX regulatory standards.
7. CFTC – Press Release 5883-10: “CFTC Releases Final Rules Regarding Retail Forex Transactions” (August 2010) – Summary of US retail forex regulations post-Dodd Frank (50:1 leverage cap, registration, etc.).
8. ASIC – Media Release 24-194MR: “ASIC cancels AFS licence of retail OTC derivative issuer FXOpen AU” (Sept 2024) – Example of ASIC enforcement action in FX/CFD sector for compliance failures.
9. Investopedia – “Forward Contract: How to Use It, Risks, and Example” (Rajeev Dhir, updated Aug 2025) – Definition and key points about forward contracts in FX.
10. Investopedia – “Currency Option: Definition, Types, Features and When to Exercise” (James Chen, updated Jun 2022) – Overview of how currency options work and their use in hedging.
11. Bank for International Settlements – “OTC Foreign Exchange Turnover in April 2022” (BIS Triennial Survey Report, Oct 2022) – Statistics on global FX market size and instrument shares (e.g. $7.5 trillion/day, 51% swaps, etc.).
12. Stockbrokers and Investment Advisers Association – “Foreign Exchange (FX) Course Outline” (SIAA) – Learning outcomes highlighting coverage of FX markets, products, taxation, compliance, and RG146 requirements.