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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

Dec 5 4:00 PM EST

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To: goldsheet who wrote (85415)	5/16/2002 7:03:35 AM
From: long-gone	Read Replies (3) of 116796

don't you think GATA should be all over this? Foreign Exchange Dealers Defend Industry Wednesday May 15, 8:07 PM EDT By Daniel Bases and Javier David NEW YORK (Reuters) - Foreign exchange dealers defended their industry on Wednesday amid renewed focus on a probe by U.S. and European anti-trust officials that online foreign exchange trading system FXall possibly discouraged competition. Besides FXall denying any wrongdoing, market players stress that the currency-trading industry's self-regulating mechanisms are perfectly adequate to address problems and that more government regulation is not the answer. "You can regulate as much as you want but there will always be crooks. Will regulation change anything? No; you will just find smarter crooks," said one foreign exchange dealer said. The appetite for new regulations may be low in Washington, but the revelation that FXall is under scrutiny for possibly shutting out a rival online trading operation and possibly discouraging the 17 banks that back it from taking part in rival online ventures comes at a rather bad time. (cont) money.excite.com

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