FX clearing has taken an illogical course, panellists warn

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Clearing of foreign exchange products under new regulations in the US and Europe has taken an illogical course, with the result that the least risky products will end up being cleared first, banks and buy-side firms have warned.

Speaking at the FX Week Europe conference in London on December 1, Mark Croxon, Nomura's global product manager for over-the-counter clearing, pointed out that, following the proposed exemption for foreign exchange spot, swaps and forwards, and the difficulties facing

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