New agreement for forex prime brokers and dealers
NEW YORK - Legal standards for documentation between foreign exchange prime brokers and their dealers will be introduced in March.
The Financial Markets Lawyers Group (FMLG), an industry body consisting of leading counsels of top international banks, is working on a master give-up agreement between prime brokers and dealers that will cover as many provisions as possible, says Robert Spielman, director and senior counsel at Deutsche Bank in New York. "It indicates what one has to do to create an accepted transaction."
The provisions covered in the master agreement, due to be completed in March, include setting out
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