FX prime brokers welcome CFTC relief


Prime brokers are breathing a sigh of relief after a last-minute no-action letter from the US Commodity Futures Trading Commission (CFTC) has exempted them from certain external business conduct rules under the Dodd-Frank Act.

The rules, which came into effect on May 1, would have required foreign exchange prime brokers to submit certain information, including a pre-trade mid-market quote and risk disclosures, to their clients. However, hedge funds usually negotiate trades with an executing deal

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