Treasury Exempts Forex Swaps From Dodd-Frank Crackdown

Law360, New York (November 19, 2012, 2:13 PM EST) -- New Dodd-Frank clearing requirements in the $650 trillion swaps market will not apply to foreign exchange swaps and forwards, the U.S. Treasury Department said Friday, handing a victory to Wall Street banks and business groups that pushed for an exemption.

The Treasury Department issued a final determination saying so-called FX swaps and forwards should not be regulated as swaps under the Commodity Exchange Act. The Dodd-Frank Wall Street Reform and Consumer Protection Act, the sweeping 2010 overhaul of the financial regulatory system, amended the CEA by...
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