International FX Master Terms Finally Agreed By U.S.-U.K. Group
REGULATORS
After more than two years of work, the British Bankers' Association (BBA) and the New York Foreign Exchange Committee (NYFEC) of the New York Federal Reserve have finally hammered out the terms of the International Foreign Exchange Master Agreement (IFEMA). The document, which represents the first internationally agreed master terms in the FX market, has been under discussion since the mid-1980s, when the NYFEC published its own terms.
The two bodies hope that the IFEMA, scheduled for official
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