Are exchanges admitting defeat on the forex clearing debate?
Running up to the deadline for submission of public comments, the World Federation of Exchanges and International Options Markets Association (WFE/IOMA) combined efforts to produce a three-page letter to the US Treasury calling for inclusion of the products under the US Commodity Exchange Act. Their key claims are that foreign exchange swaps and forwards can be structured to serve the same economic functions of interest rate derivatives, given their conceptual and theoretical similarities.
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