After all the angst in this thread, why is there not a centralized, regulated exchange for spot currencies? I know about the futures but as people tend to primariliy think about the spot rate, why not have a true, spot instrument traded on an honest exchange with the usual guarantees. Are there technological or regulatory complexities? I would have imagined that the global demand would be large and an exchange would be eager to set something up to compete for liquidity and fees. Are there economic complexities with the swap? I imagine this could be resolved satisfactorily if need be. Why not make them like futures which expire each day?