The 14-month determination


It was to some extent inevitable that the US Treasury would exempt foreign exchange swaps and forwards from the most onerous elements of the Dodd-Frank Act, but the agency has kept the industry guessing for a long time, and an element of uncertainty still hangs over the exact terms of the exemption.

As far back as December 2009, Treasury secretary Timothy Geithner testified before Congress that the FX markets are "different", adding that "we have a basic obligation to do no harm" when regulating

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