Central clearing unnecessary for forex derivatives, say dealers

Proposals by financial supervisors in Europe and North America to introduce more stringent regulation of derivatives markets, including the clearing of over-the-counter trades with a central counterparty (CCP), are largely unnecessary in the foreign exchange market, currency traders have claimed.

At a Bloomberg foreign exchange conference in New York, senior dealers debated the future of the currency market and concluded that the resiliency shown by the sector during the credit crisis illustrate

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