Many dyed-in-the-wool foreign exchange traders lament the regulatory changes sweeping the industry more than six years after the global financial crisis. The market has become too boring for them. In the US, the Volcker Rule has caused banks to shut down their proprietary trading desks, while provisions of the Dodd-Frank Act are causing big FX banks to stop making markets in currencies and to act simply as agents for their customers.
Though Africa has experienced impressive growth for well over a decade now, domestic markets and intraregional economic relations have remained constrained, with national economies driven primarily by mounting foreign demand for the continent’s natural resources and commodity exports.
Today, however, things appear to be changing.