Global currency markets have become increasingly volatile as European policy-makers struggle to resolve the sovereign debt crisis and emerging economies try to limit currency rises at the same time as taming inflation. Traditional safe haven countries have been prompted to take historic action in a bid to stem currency appreciation and support exports. But are there any safe havens any more?

The breakdown of historic trends in foreign exchange since the financial crisis has driven institutional investors to consider a higher hedge ratio on their international portfolios, but cost remains a thorny consideration.

Most African currencies are in demand thanks to high rates of economic growth across the continent. Analysts foresee this trend continuing over the next decade, with foreign inflows pushing up foreign exchange trading volumes in many African countries.

New regulations, specifically the push towards central counterparty clearing, are having a huge impact on banks' over-the-counter foreign exchange operations. As the banking sector undergoes significant changes, what will this mean for banks' organisational structures and the foreign exchange market?