A foreign exchange transaction reporting system (FXTRSsm) for central banks

This paper builds on our 1996 work, "Introducing Competition to Global Curr ency Markets" [1], with respect to recent developments of the international capital and foreign exchange markets. Recent proposals are reviewed releva nt to the desirability of a new architecture or structure to improve the op eration of these markets. We propose in greater specificity than in our ear lier paper a Foreign Exchange Transaction Reporting System, (FXTRSsm), whos e specific technological features will supplement the beneficial affects of non-technological methods proposed by ourselves and others to stabilize an d improve these markets, while reducing their social and environmental cost s. Patents are pending on the FXTRSsm and royalties earned will be donated to the United Nations by the authors. (C) 1999 Elsevier Science Ltd. All ri ghts reserved.