FXPBs, agency desks set to resume derivatives trading
Industry reaches agreement 14 months after agency services stopped
Foreign exchange prime brokers (FXPBs) and agency brokers are on the cusp of resolving a year-long debate that has prevented intermediaries from facilitating derivatives trades for their clients and resulted in a raft of agency desk shutdowns in the US.
Since July 2013, agency desks, also known as intermediaries, have only been able to offer spot transaction services to their clients, after the Commodity Futures Trading Commission (CFTC) enforced external business conduct rules as part of the
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