FX clearing clock ‘ticking’ following CFTC-SEC swap ruling

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Dealers have roughly two months to comply with a host of new Dodd-Frank Act rules that depend on how regulators define the term 'swap', and the clock is now ticking towards compliance deadlines following a crucial rulemaking that was voted through by the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission earlier this week.

The rulemaking offered few surprises, adopting language that was largely in line with proposals issued in July 2011, but the decision effective

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