Questions remain on clearing and collateral


With uncertainty over the US Treasury's exemption of FX swaps and forwards now removed, after the final determination was issued on November 16, there is a greater degree of clarity over what the regulated FX market will ultimately look like, at least in the US.

But notwithstanding the importance of the Treasury determination, two further streams of work have been in progress this year that could ultimately be of equal or even greater significance for the future of the FX market.

First, the high

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