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One solution could be to outsource . Outsourcing operations for around the clock back and middle-office could be one such option but is a costly and arduous process to complete before May – especially for smaller firms . Alternatively , desks have the option to outsource FX all together . In May , a paper released by the Global Foreign Exchange Division ( GFXD ) of the Global Financial Markets Association ( GFMA ) suggested the buy-side should adopt a strategic approach to managing FX risk in the lead up to the T + 1 shift , in particular highlighting outsourcing currency management – specifically “ to specialists who have trading / operations in the major trading time zones , alternate passive or active currency strategies , and 24-5 market access to wholesale FX pricing and liquidity management to assist with best execution .” However , many traders in response to the T + 1 industry issues forum queried how they could be confident best execution rules were being met if they outsourced . The changes , when implemented , are set to overhaul the way the FX markets currently operate . They will likely act as a catalyst for massive technological evolution as institutions look for solutions to the workflow challenges that arise . Initially it may only be the most automated corners of the FX market that are able to cope with the changes . Technology will be the deciding factor as to who thrives in this new post-trade landscape .
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