Corporates and foreign exchange may not escape US clearing rules

The US Congress will remove the exemption for foreign exchange 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.

Barney Frank, chairman of the House Committee on Financial Services, confirmed the exemption for forex swaps and forwards, currently included in separate legislative proposals approved by the Financial Services Committee and House Committee on Agric

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