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US Treasury Department reconsiders exempting Forex from OTC Derivatives Regulationsby Michael Greenberg at Forex MagnatesEn route to an official visit to Israel, Neal Wolin, the US Deputy Secretary of the Treasury Department commented that the treasury dept


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US Treasury Department reconsiders exempting Forex from OTC Derivatives Regulationsby Michael Greenberg at Forex MagnatesEn route to an official visit to Israel, Neal Wolin, the US Deputy Secretary of the Treasury Department commented that the treasury dept is currently debating whether or not to exempt FX products from new U.S. derivatives regulation that would force OTC derivatives to be traded on exchange. In the first half of 2011 the US Treasury proposed to exempt certain Forex contracts including FX Swaps.Wolin mentioned that there is no time table on when the decision to exempt Forex will be made but that discussions are currently ongoing. He said as things currently stand FX Swaps and FX Forwards will most likely go on exchange and there is now serious debate about whether or not to exempt spot Forex. However, he did mention spot Forex is much more likely to be exempt than FX Swaps and FX Forwards. The CFTC in the meanwhile has published final rules concerning Swap Dealers and Major Swap Participants and will require them to register with the NFA.


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