Avoiding collateral damage
It took the US Treasury the best part of two years to decide, based on two public consultations and a fair amount of industry lobbying, that exempting foreign exchange swaps and forwards from mandatory central clearing was the right course of action.
Far less time has been granted to an international group of 34 standard-setters to determine whether it should replicate the Treasury's decision when it comes to mandatory margin requirements for non-centrally cleared derivatives. Judging by the
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