Singapore’s FX exemption welcomed as a sign of global consistency

muthukrishnan-ramaswami-sgx

A proposal by the Monetary Authority of Singapore (MAS) to exempt foreign exchange swaps and forwards from the mandatory clearing element of over-the-counter derivatives reforms has been welcomed by market participants for its consistency with the proposed approach in the US, which it is hoped will be replicated in Europe.

"We welcome the proposed exemption of forex forwards and swaps. It recognises the key risk in the forex market revolves around settlement risk, so we are absolutely supportive

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