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Thursday, September 20, 2012

ABA: Foreign Exchange Products Need Swaps Exemption

ABA wrote to the Treasury Department and the CFTC regarding a proposal to exempt foreign exchange forwards and foreign exchange swaps (FX products) from the definition of “swap” under the Commodity Exchange Act (CEA) and subsequent regulations. From the letter:
[W]e respectfully request that the Treasury promptly finalize its proposed determination to exempt the FX Products or, if not possible, the CFTC clarify that it will not treat the FX Products as swaps under the CEA until a reasonable amount of time after the Treasury issues its determination.

We are greatly concerned that if Treasury or the CFTC does not act in the next several weeks, many participants in the markets for the FX Products—including many smaller participants—will have to either register in one or more capacities with the CFTC due to their activities in either or both of the FX Products or exit those markets so as to avoid registering.
Read the full letter.

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