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March 15, 2012

US rules exemption on forex swaps near

The US Treasury is close to exempting foreign exchange derivatives from tough new regulations in a big win for dealers, say people familiar with discussions between officials and other interested parties.

The new Dodd-Frank financial reform law, which is being rolled out by regulators, forces more derivatives to be traded through clearing houses and on exchanges in a bid to reduce risk and improve transparency.

In a letter to Tim Geithner, Treasury secretary, Dennis Kelleher, head of better Markets, a financial think-tank, said far from being immune to the financial crisis the foreign exchange markets were “on the verge of collapse” in 2008 and saved only by the Federal Reserve’s market interventions.


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