GFMA mulls FX determinations committee
Creation of CDS-style board is one option on the table for managing forex market disruption events
A determinations committee comprised of active market participants may be used to resolve future close-outs of foreign exchange contracts during major market disruption events.
The Global Financial Markets Association’s FX division plans to launch a consultation in January to test industry support for the idea, which could see the market adopt a similar framework to the one used for resolving credit default swaps (CDSs).
“For an agreement such as this to work, we need to have a process that
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