TUCSON, Ariz. - Skyrocketing foreign exchange volumes and the increasing globalization of financial markets are forcing banks and regulators to take a fresh look at how better to reduce risk in their payment systems, speakers at an international banking conference said last week.

The so-called "hot money" that flows around the globe with the touch of a computer key has propelled the foreign exchange market from a $1 billion- a-day business in 1974 to one in which $1 trillion changes hands daily.

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