It’s not an understatement to say that the foreign exchange (FX) industry has had to fundamentally rethink its definition of, and approach to, business continuity planning (BCP) and disaster recovery (DR) over the course of the last year. While the same is certainly true for other asset classes, FX markets are of critical importance to the real economy, a fact highlighted by the Covid-19 pandemic. FX is also an asset class of strategic importance to IPC, due to its sheer size and the corresponding scale of our clients’ FX activities. This is evidenced by the most recent BIS 2019 Triennial Survey, which continues to show exponential market growth – April 2019 estimated trading in the FX markets was $6.6 trillion per day, up from $5.1 trillion three years earlier, and has only grown since then.
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