Forex markets hope for CCP exemption

All settled?

Participants in the global foreign exchange market have been on tenterhooks ever since politicians first began drafting rules to require the clearing of over-the-counter derivatives through central counterparties (CCPs). While that change might make sense to mitigate counterparty risk in many OTC instruments, bankers have insisted settlement risk is the greater issue for forex, and have pushed for swaps and forwards to be exempted from central clearing. After months of lobbying, the end may just