Despite hurdles, clearers map out forex ambitions

Clearing hurdles

Roger Rutherford

Foreign exchange dealers breathed a sigh of relief in April, when the US Treasury proposed to exempt foreign exchange swaps and forwards from the mandatory clearing requirement of the Dodd-Frank Act. Clearing houses might not have been quite as happy – according to the most recent Bank for International Settlements survey, the exempted instruments rack up average daily turnover of $2.3 billion, making them a potential money-spinner.

A similar exemption may follow in the European Union (EU), wher

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