For hundreds of years, the foreign exchange market has operated as the largest and most liquid financial market in the world. For much of this period, foreign exchange trading has been an integral part of the business activities of regulated commercial banks. As economic activity has become increasingly global in nature, the importance of the deep and liquid over-the-counter FX market has continued to grow. Notably, the FX market has withstood many market disruptions throughout its long history, from the rise and fall of governments to the more contemporary currency crises in the 1990s and the financial crisis of the last several years [...]