Conclusions from the Profit & Loss Conference in Singapore

Last week I attended the Profit & Loss Conference in Singapore. No matter how frequent my visits, there always are new buildings in the downtown area. The latest BIS survey shows that Singapore has grown to be the fourth biggest FX trading centre globally and my guess is it will become even bigger.

The agenda had a few sessions on the forthcoming regulation changes in the US & Europe, so no surprise there. The keynote address on the first day from the Chairman of the Singapore FX Market Committee was interesting, not least because of his comment that whilst aware of the changes happening elsewhere, the local authorities would ensure that any regulatory changes here would be for the benefit of Singapore as a financial centre. I wonder whether this implies that the goals of Dodd Frank & MiFID II will be muted when applied to the local markets, in spite of the original G20 recommendations.

Also had a pleasant time discussing the role of social media in FX with Jon Vollemaere. I think “growing” is the verb to use. Continue reading