Two central counterparties are currently being built to clear foreign exchange options. The FX industry is still waiting for the final decision about the treatment offorwards and swaps, and there is a great deal of preparation to be done. The US's Dodd-Frank Act has ruled that central clearing for foreign exchange (FX) derivatives products will be mandatory. While FX spot trading does not fall within the remit of Dodd-Frank, FX options and non-deliverable forward (NDFs) will become cleared products and in July, the US Treasury will decide whether to include FX swaps and forwards. Many in the market still hope that short-dated products will be exempt.
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