Management of Operational Risk in Foreign Exchange

The set of principles that governs conduct in the wholesale currency market, covering ethics, governance, execution, information sharing, risk and confirmation. The reference document for how the market is expected to operate.

Global Foreign Exchange Committee

A regulator's briefing on the retail currency market: how off-exchange forex works, what leverage really costs and which practices should raise a red flag. Essential reading before funding an account.

National Futures Association

A research overview of how the currency market is actually organised, from dealer intermediation to electronic and algorithmic trading. Explains where liquidity comes from and how prices form.

Chaboud, Rime and Sushko

The triennial turnover survey that measures the size and composition of currency trading, broken down by instrument, counterparty and currency pair. The most authoritative snapshot of what the market actually trades.

Federal Reserve Bank of New York