Foreign exchange (FX) trading is a multi-trillion dollar market in which hedge funds are regular participants.  As in other financial markets, there is always the potential for manipulation and other abuses.  A recent program sponsored by NICE Actimize gave an overview of the FX markets, discussed regulation of those markets and provided valuable insights into how hedge funds and others that engage in FX trading may develop effective compliance and monitoring programs.  See also “CFTC and SEC Propose Rules to Further Define the Term ‘Eligible Contract Participant’: Why Should Commodity Pool and Hedge Fund Managers Care?,” Hedge Fund Law Report, Vol. 4, No. 21 (Jun. 23, 2011).