§ Mr. Leeasked the Chancellor of the Exchequer how many authorised currency dealers are currently operating on the foreign exchange markets; what qualifications govern their licence to operate; what guidance is provided by the Treasury relating to their operation: and if he will make a statement.
§ Mr. Robert SheldonThere are 256 authorised dealers in gold and foreign currency who are eligible to deal in foreign exchange. They are appointed by the Treasury on the recommendation of the Bank of England, who first satisfy themselves as to the dealers' financial soundness and quality of management. The terms under which the appointees operate, together with extensive guidance, is set out in various exchange control notices issued by the Bank of England to all authorised dealers.