Banks must improve FX risk management, New York Fed says

03/12/2013 | Risk.net (subscription required)

Jeanmarie Davis, head of financial market infrastructure at the Federal Reserve Bank of New York, said that banks need to improve their risk management of foreign exchange trading. "We will monitor the progress of implementation of the guidance and we want to see an improvement in the industry's ability to identify, measure and monitor the duration of the risks, and then take steps to eliminate or mitigate the risk," Davis says.

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