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The Importance of Dealer of Last Resort in the Forex Markets
In the West, we are talking about this dealer of last resort thing a lot. But I think it's also time to start thinking about dealers of first resort in terms of FX market making for the global East and South. The current central bank correspondent system that I'm describing is incredibly inefficient. This transaction just can settle between the local Hungarian banking system and local Thai banking system with the two central banks,.