Confirmation of US Treasury FX exemption brings relief to dealers
More than two years after the US Department of the Treasury was granted the power to exempt foreign exchange swaps and forwards from mandatory clearing and exchange trading under the Dodd-Frank Act, the agency finally confirmed the exemption on Friday evening, ending calls for greater clarity and certainty on regulation of the FX market.
The US Treasury first consulted on the issue in November 2010, issuing a proposed determination to exempt FX swaps and forwards in April 2011. But after
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