CCPs eager for first forex clearing mandate

CFTC proposal for NDF clearing could be published within weeks, CCPs say

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Central clearing of foreign exchange derivatives has been a long time coming. More than three years after the first central counterparty (CCP) launched a service for the clearing of non-deliverable forwards (NDFs) – and over a year since US clearing mandates kicked in for interest rate swaps and credit default swaps – the market is still waiting for the Commodity Futures Trading Commission (CFTC) to pull the trigger. Some believe the wait could soon be over. "I think it will happe

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