US Treasury will exempt forex swaps and forwards from Dodd-Frank

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The US Treasury department has proposed exempting foreign exchange swaps and forwards from the central clearing requirements of the Dodd-Frank Act, ending months of uncertainty since the law was passed in July 2010. "Central clearing requirements will strengthen the rest of the derivatives market, but could actually jeopardise practices in the forex swaps and forwards market that help limit risk and ensure that it functions effectively. The market plays such an important role in helping busin