In a big win for business, the Treasury proposed on Friday to exempt commonly used foreign exchange swaps and forwards from the most onerous new rules for the derivatives market.
The Treasury Department said that forcing these financial products through clearinghouses and onto exchanges was not necessary because existing procedures in the foreign exchange market mitigate risk and ensure stability.
The Treasury Department said that forcing these financial products through clearinghouses and onto exchanges was not necessary because existing procedures in the foreign exchange market mitigate risk and ensure stability.