Risk exclusive: Clearing exemption for FX swaps to be scrapped, says Frank

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The US Congress will remove the exemption for foreign exchange (forex) swaps and forwards from new central clearing requirements when two over-the-counter derivatives reform bills moving through the House of Representatives are reconciled on the House floor early next month.

In an exclusive interview with Risk, House Financial Services Committee chairman Barney Frank confirmed the exemption for forex swaps and forwards, currently featured in both House derivatives reform drafts and in the Senate