FX Week Europe: FX clearing has taken an illogical course, panellists warn
Clearing of foreign exchange products under new regulations in the US and Europe has taken a somewhat illogical course, with the result that the least risky products will end up being cleared first, a senior clearing expert has warned.
Speaking at the FX Week Europe conference in London on December 1, Mark Croxon, Nomura's global product manager for over-the-counter clearing, pointed out that, following the proposed exemption for FX spot, swaps and forwards, and the difficulties facing options
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