US Senator commends House clearing exemption for FX

Capitol Hill

The decision by the US House of Representatives in December to exempt foreign exchange swaps and forwards from mandatory clearing requirements seems sensible, says Judd Gregg, a member of the Senate Committee on Banking, Housing and Urban affairs. In an exclusive interview with Risk, Gregg, who is co-heading the drafting effort for the derivatives segment of the Senate Banking Committee's financial reform bill, due to be introduced in the next two months, said: "We haven't reached agreement y