Exchanges urge US to keep forex swaps and forwards under Dodd-Frank

Foreign exchange swaps and forwards should also be mandated for central counterparty (CCP) clearing as with any other swaps defined under the US Commodity Exchange Act, as exempting the $53.12 trillion forex derivatives market would create a regulatory loophole that could be exploited by users of interest rate derivatives wanting to skirt central clearing, according to the World Federation of Exchanges (WFE).

In a letter sent to US Treasury secretary Tim Geithner on November 29, the WFE stated

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