The issue of fair and transparent pricing of foreign exchange products, especially for MSMEs and other smaller users, has been occupying our attention. Market-makers are now mandated to separately disclose fees /charges when dealing with retail users. Also, an anonymous order matching electronic trading platform, called FX-Retail, has been launched by the Clearing Corporation of India (CCIL), at the behest of the RBI.
This platform allows users with small transaction sizes to undertake transactions at best available market rates. These measures are expected to ensure greater transparency and protection of the retail user. Concerted efforts by banks will be needed if the benefits of transparent and competitive pricing are to reach every user of the foreign exchange markets. 20.