Exemption for FX swaps and forwards should hold, says GFMA’s Kemp


A proposed determination to exempt foreign exchange swaps and forwards from mandatory clearing and exchange trading requirements under the Dodd-Frank Act is very likely to be confirmed, despite a nine-month silence from the US Treasury since it published the text in April 2011, according to James Kemp, managing director of the global FX division of the Global Financial Markets Association (GFMA) in London.

"We've seen nothing apart from that determination in April that would suggest any other

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