Article reports that the FCA’s latest attempt to increase governance standards could result in “fewer, better firms”, according to Alex McDonald, EVIA’s chief executive officer, following the regulator’s letter to chief executive officers of brokerage firms in wholesale financial markets. EVIA’s chairman, David Clark, considers that this rise in standards will reduce competition and highlight that regulation is steering back to principles-based, rather than rules-based. EVIA’s comments came ahead of the FCA’s chief, Andrew Bailey’s speech, claiming there should be a debate regarding the future of regulation.
Article reports that Singapore is leading the FX trading landscape in Asia followed closely by Tokyo and Hong Kong and potentially threatened by Shanghai. Singapore’s success – both in Asia and worldwide - is attributed to maintaining a strong prudential culture, according to EVIA’s David Clark, as well as its cooperation with regulators and jurisdictions. Singapore’s strategic location in Asia, largely benefits from intra-Asian trade and Chinese effort to develop a China-centred trade flow across the region.
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