The foreign exchange is by far the largest and most liquid financial market in the world, with an estimated $5.3 trillion traded globally on a daily basis. This is at least according to the most recent Bank for International Settlements’ (BIS) triennial survey, which evaluates markets according to their value and growth.

The size of this market has caused some issues in terms of regulation, however, as historically there has been no single global body tasked with policing the foreign exchange. Instead, individual countries have their own independent regulatory bodies, while national governments are also active in driving compliance from traders, banks and brokers alike.…