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Supplement

Foreign Exchange Supplement 2014

Many dyed-in-the-wool foreign exchange traders lament the regulatory changes sweeping the industry more than six years after the global financial crisis. The market has become too boring for them. In the US, the Volcker Rule has caused banks to shut down their proprietary trading desks, while provisions of the Dodd-Frank Act are causing big FX banks to stop making markets in currencies and to act simply as agents for their customers.

Banking

ARE BANKS UNSAFE AT ANY SIZE?

Banking Regulation<br /> The globe’s financial systems are still vulnerable to contagion. Critics say regulators are unlikely to fix the problem unless they shift gears.

Banking

ARGENTINE GOVERNOR MAY FURTHER DILUTE CENTRAL BANK INDEPENDENCE

Newsmakers | Argentina<br /> Argentine president Cristina Fernández de Kirchner in early October triggered the resignation of the head of the country’s central bank, Juan Carlos Fabrega, by criticizing him for not reducing manipulation of the country’s currency. His replacement, Alejandro Vanoli, formerly the head of the country’s securities regulator, CNV, doesn’t look likely to set Argentina on a better path.

Award Winners

CHINA: BANKS FORCED TO INNOVATE IN FAST-CHANGING MARKET

Annual Survey | Stars Of China<br /> Nothing has characterized the recent pressure on traditional banking in China more than the challenge posed by Internet companies to the Big Four Chinese Banks

Banking

RATING AGENCIES – U.S. UNDER PRESSURE

Pressure from Congress in the wake of the global financial crisis led the SEC to expedite its lethargic and opaque process of registering rating agencies. As a result there are now 10 Nationally Recognized Statistical Ratings Organizations (NRSROs).

Capital Raising & Corporate Finance

TAKING THE STIGMA OUT OF TREASURY OUTSOURCING

Special Report | Treasury Outsourcing<br /> The concept of treasury outsourcing has been around since the 1980s, but until fairly recently, it enjoyed limited adoption, owing to concerns about operational control. But cost pressures are forcing treasurers to look at the concept again.

Award Ceremonies and Events

TRANSACTION PROCESSING AWARDS CEREMONY 2014

Global Finance held its Transaction Processing Awards ceremony in Boston in October—during SWIFT’s Annual Sibos conference. Leading corporate and financial executives from around the world were present to accept their awards and honor other recipients.