> the EU could simply force banks to let you withdraw at market rates at any ATM
Even for liquid assets with centralized trading reporting, e.g. stocks listed on the NYSE, determining the "market" price is an academic pursuit. (The last traded price for any size? A similar size? The bid or ask? Immediate-execution price or sliced-up execution price? Et cetera.)
For foreign exchange, where trades aren't necessarily reported and occur, de-centralised, at a myriad of international venues and where infrequently-traded currency pairs have a habit of jerking around, such a regulation would be quite tedious to comply with.
I traded forex for many years, and there would absolutely be no problem with this. There are plenty of web-sites where you can see real-time rates.
Of course, I know where to look (big retail forex trading sites are a good choice). General public would probably find something like Yahoo Finance which is not good for this.
And online banks like N26 complain in turn that Germany has the most expensive ATM fees in Europe. It sounds like a bullshit argument given that operational costs for an ATM are mostly fixed.
Even for liquid assets with centralized trading reporting, e.g. stocks listed on the NYSE, determining the "market" price is an academic pursuit. (The last traded price for any size? A similar size? The bid or ask? Immediate-execution price or sliced-up execution price? Et cetera.)
For foreign exchange, where trades aren't necessarily reported and occur, de-centralised, at a myriad of international venues and where infrequently-traded currency pairs have a habit of jerking around, such a regulation would be quite tedious to comply with.