Exemption clarity allows market participants to prepare for new regime

After months of uncertainty about whether the US Department of the Treasury would take due notice of industry concerns and exempt foreign exchange swaps and forwards from the scope of the Dodd-Frank Act, the proposed determination issued on April 29 has given participants the clarity they need to prepare for the advent of the new regulations.

Although the determination will not be set in stone until a 30-day comment period has elapsed, and questions still surround the situation in Europe, it is