Two sides to every argument
After months of uncertainty over the future shape of the foreign exchange market as a result of regulation, the US Treasury's April 29 proposed exemption for swaps and forwards has allowed market participants to move forward with greater certainty.
It is now increasingly clear that all FX transactions will need to be reported to a trade repository, while options, non-deliverable forwards (NDFs) and currency swaps will probably also be required to be centrally cleared and executed on organised
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