FX options clearing a 'big challenge', warns NY Fed official

FX Week USA 2012
Jeanmarie Davis, New York Fed

Central counterparties (CCPs) must prove they can settle foreign exchange options by physically delivering currencies even in stressed situations before the product can be considered for clearing under new regulation, a senior official at the Federal Reserve Bank of New York has warned.

The warning comes as FX market participants continue to grapple with the challenge of clearing physically delivered products. While FX swaps and forwards have been exempted from clearing in the US – a position

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