No market left untouched by regulatory clampdown

In some ways, that is only natural. The US Congress and the European Commission have been first past the post in publishing extensive new rules, and it is those rules that will ultimately dictate the shape of the biggest FX trading centres in the future.

But other countries and regions have shown themselves no less keen to clamp down on financial markets, and it seems some of the smaller FX markets are likely to be affected. According to press reports, Peru's bank regulator took action against