US Treasury will exempt FX swaps and forwards from Dodd-Frank
The US Department of the Treasury has issued a long-awaited determination to exempt foreign exchange swaps and forwards from the central clearing requirements of the US Dodd-Frank Act, ending months of uncertainty since the law was passed in July 2010.
"Central clearing requirements will strengthen the rest of the derivatives market, but could actually jeopardise practices in the FX swaps and forwards market that help limit risk and ensure it functions effectively. The market plays such an
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