Custodians challenge FX prime brokers in clearing landscape
Vitale was speaking at the FX Week Europe congress in London last Tuesday (November 16) on the implication for the industry of the Dodd-Frank Wall Street Reform and Consumer Protection Act, if it incorporates FX.
Under the Dodd-Frank Act, which was passed into law in July, swaps will need to be cleared via a futures commission merchant (FCM) as opposed to directly through clearing members. The FCM is then required to segregate collateral held as margin, an area that prime brokerage (PB) has come
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