The article is divided into eight parts, including this Introduction. Part II covers the history of the foreign exchange market. Parts III-VI describe the development of regulation in four segments of this market: (i) the commercial interbank market; (ii) exchange traded derivatives; (iii) retail over-the-counter (OTC) derivatives; and (iv) retail OTC cash transactions. Part VII describes the existing ineffective multi-agency regulatory system and advocates for the creation of a single business conduct regulator. Finally, Part VIII concludes by proposing changes to the current regulatory framework of the foreign exchange market, noting that if these changes are successful, they could be applied to other areas of business conduct regulation.