FX swaps and forwards headed for exemption, argues former bank clearing head


Foreign exchange contracts are likely to be exempted from mandatory central counterparty (CCP) clearing under new regulations, despite ongoing uncertainty about whether US Treasury secretary Timothy Geithner will write an explicit exemption, according to John Wilson, former global head of over-the-counter clearing at Royal Bank of Scotland in London.

"My opinion is that forwards and swaps will be exempted from clearing requirements. They have known cashflow items with relatively little credit

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