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“regulatory Insights: Navigating Australian Forex Laws For Profitable Trading” – The future of FX trading is inextricably linked to automation. How can technology and artificial intelligence (AI) improve the way firms use data to improve FX workflows, aid in efficiency and enhance customer service?
Data-related issues were identified as a global concern among FX market participants in the FX Workspace Survey, commissioned in 2022 to demonstrate the value and use of automation in the FX markets. The focus of the study was on the future of financial flows and on the solutions and capabilities available to develop them.
“regulatory Insights: Navigating Australian Forex Laws For Profitable Trading”
A quantitative survey was conducted on 600 respondents worldwide in order to better understand their needs and capabilities. Organizational types and individual roles differed, but all respondents used or expected to use FX data, applications and/or tools as part of the trading process.
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At-trade, driving improved trading decisions can be achieved by feeding benchmark and market error data into execution algorithms and trading models during trading, optimizing and optimizing execution results.
Back-selling, including overkill, has been the focus of regulators and market participants in recent years. Execution analysis can also be enhanced with the right combination of tools and management data, allowing firms to assess the quality of their performance and identify areas for improvement. Traditionally, the segmented FX market has faced the challenges of finding market data comprehensive enough to calculate the appropriate price benchmarks required for transaction price analysis (TCA).
Asked what important functions can be improved from access to new tools or methods of working with financial data, the monitoring of transactions and transactions were mentioned by 43% and 35% of survey respondents respectively.
Overall, the study showed that new tools and systems were most needed to simplify these mundane and time-consuming tasks. 53% of all respondents identified delays in connecting data sources with input errors and data access as the most common problems they encounter. Delays also occur when data processing and compliance checks are carried out and when proprietary data integration is done with third-party sources. The need to input data from different platforms also increases the potential for error.
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Looking outside of everyday tasks, the FX Workspace Survey found that 59% of respondents in sales-focused jobs believed that customer and location analysis would benefit the most from new tools while data retrieval from vendors took the top spot among the majority (75%). Those in tech and IT jobs mentioned improvements in models, automation and processes (65%). Although also the rise of Fincoders (traders/traders with coding experience) clear drivers of tools and better data.
But teams do better when data and AI techniques are combined with human insight. New skill sets are becoming increasingly important so that people, especially in sales and marketing roles, can use AI and machine learning tools to make market-specific decisions and reference data.
Only 4% of all survey respondents said they had an expert coder. Unsurprisingly, 77% of respondents in IT and technology jobs described their experience as professional/advanced. 38% of retailers also put themselves in this category.
However, more than two-thirds of those surveyed described their coding skills as average or low, although 99% thought these skills were important or very important. Most of the organizations indicated support for the language training program for the respondents, rising to 52% for their team and 37% for others in the organization. This highlights the need for workflow tools to communicate coding requirements in open frameworks that are accessible to all.
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Although adoption has been slower than in other asset classes, automation is recognized as a force for good within the FX markets, responding at different levels to the needs of various market participants and dynamics around the world.
With increasing volumes of data and profit driving more pressure, 44% of survey respondents indicated that they expected to improve production automation skills.
By using data and intelligence to find the best execution, firms can better serve their clients and meet compliance requirements. Ultimately, the competitive advantage will be gained by firms that put leading tools in the hands of people who understand how to let data, workflow and technology do the heavy lifting.
The FX workstation is built on a foundation of machine learning and artificial intelligence to allow users to integrate data and cloud-based analytics with their internal data to drive trading decisions within a desktop, Excel or native Python Codebook environment. Customizable to needs, Workspace gives market participants in different roles the opportunity to use data for their needs, empowering users across the FX ecosystem.
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The efficient use of data in the FX ecosystem enables better execution, transparency, balance and speed of execution, benefiting not only individual firms but their clients and the FX market as a whole. informing the Government about cyber security incidents. An important part of the financial market of the property includes a money market, a clearing and settlement facility, a special financial bench, a derivative trading repository or a payment system that satisfies the definition in 10 of
(Cth). From 8 July 2022, the association related to the financial market of the special currency is required to inform the Government about: (i) a significant cyber security event within 12 hours of knowing the event; and (ii) other cyber security incidents within 72 hours of becoming aware of the incident. The Terms of Use also change on certain reporting obligations to the reliability of the important financial market financial systems which are the means of payment. The Terms of Use can be found here.
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On 21 April 2022, AUSTRAC announced that it had published two financial fraud guidelines for financial service providers on detecting and reporting ransomware and preventing the criminal exploitation of digital currencies. With incidents of ransomware and criminal abuse of digital currencies on the rise, AUSTRAC has emphasized the importance of being equipped to identify suspicious activity and report it to AUSTRAC. The guidelines describe a number of financial measures and procedures to help financial service providers determine if a payment may be related to a ransom attack or if a person may be using digital currency to commit serious crimes. AUSTRAC’s media release can be found here.
(“INFO 271”) to organizations responsible for managed funds, company directors of investment companies (CCIVs), and trustees of registered superannuation organizations. INFO 271 sets out: (i) the current regulatory framework for communication on security-related products and investment strategies; and (ii) important questions to consider in offering or promoting such products. Our past
On 28 June 2022, ASIC issued a statement calling on market operators and participants to continue to improve the resilience of the Australian equity market during the blackout, including by facilitating trading on other markets. ASIC’s statement follows Statement 708
Issued in response to the ASX market blackout in November 2020. By mid-2023, ASIC expects that all market participants will have a plan for when new orders to trade on a particular market during the blackout, and that market users will support it. this result. ASIC’s statement can be found here.
Financial Markets Insights
On 6 April 2022, ASIC extended the product intervention system imposing conditions on the issuance and distribution of contracts for difference (“CFDs”) by another five years, until 23 May 2027. A CFD contract allows the customer to predict changes in the value of an underlying asset, such as stock market indices, prices of foreign exchange, single equity, commodities, or crypto-assets. The product intervention order, which came into effect on March 29, 2021, limits CFD expansion to retail customers, imposes products that limit losses for CFD customers, and prohibits trading methods that provide incentives to retail customers to persuade them to sell in CFDs. The purpose of the order is to strengthen the protection of retail clients and ensure CFD practices in Australia remain on a par with other markets. ASIC’s media release can be found here.
(“Report 724”), which uses data from more than 60 CFD issuers and analyzes system performance. Report 724 concludes that the intervention of the product order has been effective in reducing the risk of serious damage to the clients of trading from CFDs. Statement 724 can be found here.
On 21 April 2022, APRA issued a letter to all APRA-regulated entities outlining its risk management focus and policy direction for crypto-assets. APRA states that risk
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