Uncleared FX not necessarily more risky, says BoE’s Cross

Michael Cross speaks at FX Week Europe

New regulations that require non-cleared derivatives to be subject to higher capital and margin requirements could mean certain uncleared foreign exchange products are hit disproportionately hard relative to the risks they pose, according to Michael Cross, head of the foreign exchange division and reserves management at the Bank of England. Speaking at the FX Week Europe conference in London yesterday, Cross noted there had been significant industry effort to clear forex options, but the init