“A U.S. dollar/Hong Kong dollar trade that is done in London between an Australian and a Swiss bank. That is how the fx market trades. So where do you report that?”

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“A U.S. dollar/Hong Kong dollar trade that is done in London between an Australian and a Swiss bank. That is how the fx market trades. So where do you report that?”

—James Kemp, managing director of the global fx division at the Global Financial Markets Association, on extraterritorial regulatory concerns.

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