The U.S. Treasury Department has said it would prefer to exempt foreign exchange swaps from rules mandated by the Dodd-Frank Act that impact OTC derivatives. The proposal, if adopted, would mean forex swaps would not be required to list on exchanges.
At a press briefing, a Treasury official said that the OTC forex markets already embody "high levels of price transparency, effective risk management and electronic trading," attributes that support the goals of Dodd-Frank.
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