Abstract
The currency markets have undergone very major structural changes because of dislocations caused by quantitative easing and the entrance of new market participants from hedge funds and emerging markets. Misguided overregulation has undermined the market-making structure, which is systemically destabilizing and has created an illusion of liquidity. Foreign exchange (FX) is now driving other markets, and the central banks have less ability to control the potential systemic risk than in the past.
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