Japanese Regulators End FX Close-Out Flap; Good News For FXNet, IFEMA, ISDA Agreements
REGULATIONS
Japanese banks got a major piece of good news last week when officials at the Bank of Japan (BoJ) resolved a regulatory row over the use of close-out contracts, according to banking sources.
FX executives breathed a sigh of relief after the BoJ revised comments from the Ministry of Finance that last month threatened to derail, not only plans to begin bilateral foreign exchange netting in Japan, but also pending approval of the International Foreign Exchange Master Agreement (Ifema) and the banks'
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