Dealers caution over clearing rules

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LONDON – Forex dealers cautioned against the introduction of unconsidered rules as it emerged last week that forex swaps and forwards will be included in the US over-the-counter derivatives reform bill.

FX derivatives have for the most part evaded the regulatory pressure for clearing, but a revision to US regulation for OTC derivatives, announced last week by House Financial Services Committee chairman Barney Frank, will remove an exemption that had shielded FX swaps and forwards from being

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