Industry reiterates need for FX exemption in uncleared margin rules

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The foreign exchange industry has pushed hard for FX swaps and forwards to be excluded from new margining rules on uncleared over-the-counter derivatives, claiming their inclusion would increase costs for end-users and reduce liquidity in the forex market.

The arguments were made in responses to a second consultation paper published on February 15 by the Working Group on Margining Requirements (WGMR) – a body led by the Basel Committee on Banking Supervision and the International Organization of

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