Unlike the securities and futures markets, the foreign exchange market is not controlled by any central governing body. There are no clearing houses and arbitration panels. All members trade with each other based on credit agreements.
At the same time, the reputable retail Forex dealers and brokers are licensed and regulated as providers of financial services in countries where they operate. The following is the list of countries and their regulatory bodies:
- S.A.: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
- Canada: Investment Industry Regulatory Organization of Canada (IIROC) and Canadian Investor Protection Fund (CIPF)
- United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
- Australia: Australian Securities and Investment Commission (ASIC)
- Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
- France: Autorité des Marchés Financiers (AMF)