CFTC bows to agency desk concerns with further relief letter

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The US Commodity Futures Trading Commission (CFTC) has granted further relief to foreign exchange prime brokers in the application of the Dodd-Frank Act external business conduct standards as they relate to business transacted with agency desks in non-spot FX products, marking a victory for a coalition of eight agency firms that has been lobbying the CFTC in recent weeks.

The time-limited relief letter was published yesterday and applies to forwards, swaps, options and non-deliverable forwards

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