Arguments against forex clearing flawed, says Duffie

Darrell Duffie - Stanford University
Darrell Duffie

Stanford Graduate School of Business professor Darrell Duffie argues foreign exchange swaps and forwards should be subject to mandatory clearing under the Dodd-Frank Act, despite the US Treasury’s recent proposal to grant an exemption to the products.

The Dodd-Frank Act requires all standardised derivatives to be traded on a swap execution facility and cleared through a central clearing counterparty (CCP). However, the legislation also allows the Treasury to specifically exempt foreign exchange

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