Against the Treasury’s proposed exemption
The recent proposed determination by the US Treasury to exempt foreign exchange swaps and forwards from regulation is without basis and requires independent analysis before it is finalised.
Contrary to the proposed decision, the FX markets are systemically significant, failed during the financial crisis of 2008, and need to be moved out of the shadow-banking system and into the light of transparency and oversight.
It cannot be legitimately denied that "global funding market pressures were
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