Industry set to miss CFTC deadline on intermediated FXPB
Foreign exchange prime brokers have failed to reach agreement on an important new protocol that is needed to allocate responsibilities under the external business conduct rules of the US Dodd-Frank Act in the case of intermediated prime brokerage involving FX agency desks.
After extensive lobbying by a coalition of agency firms that act as intermediaries between clients and dealers in FX prime-brokerage arrangements, the Commodity Futures Trading Commission (CFTC) issued time-limited relief on
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