Custodians challenge FX prime brokers in clearing landscape

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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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