This survey of the global foreign exchange industry, prepared by Chris Swann, who was at the time the Financial Times’s FX correspondent (he is now economics correspondent), was prepared at the suggestion of Reuters – which clearly has an interest.  It is, however, a completely independent report – and, indeed, Reuters (and Bloomberg) will not necessarily like all of Swann’s conclusions.

Swann’s paper is the result of dozens of interviews that he conducted with senior players in the industry, coupled with a questionnaire that the CSFI mailed out.  It is a comprehensive look at threats and opportunities, and we think it points the industry in a new direction.