Fed official reiterates FX options-clearing guidelines
Any proposed solution must meet international standards
The clearing and settlement of foreign exchange options must come in line with international standards around CPSS-Iosco principles to ensure participants receive money on time, according to Lawrence Sweet, senior vice-president, payments policy, at the Federal Reserve Bank of New York.
Speaking at FX Week USA in New York, Sweet highlighted the ongoing discussions taking place between the Global Financial Markets Association (GFMA), settlement utility CLS and various central counterparties (CCPs
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