US Senator commends House clearing exemption for FX

In an exclusive interview with Risk, Gregg, who is co-heading the drafting effort for the derivatives segment of the Senate Banking Committee's financial reform bill, due to be introduced in the next two months, said: "We haven't reached agreement yet on whether or not to exempt foreign exchange swaps and forwards from the legislation, but my own view is the House addresses this issue in a way that takes into account the unique nature of these products and their inherently international dynamic