What Are They Thinking?
Last week, sibling publication Risk broke the news that the U.S. House of Representatives was planning to scrap the exemption for the foreign exchange (FX) swaps and forwards as they reconcile two competing House bills reforming central clearing requirements for over-the-counter (OTC) derivatives.
It's safe to say that this has left many mouths in the industry agape. Considering the function these instruments play within the industry when it comes to international trading, it is like trying to
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