US, EU regulators must approach NDF clearing with caution

Regulators should be cautious when proposing a clearing mandate for non-deliverable forwards due to the global nature of the fx market, along with regulatory differences between the US and Europe that have yet to be resolved.
Last week, a division of the US Commodity Futures Trading Commission held a public meeting to discuss the suitability of a clearing mandate for NDFs. At the meeting, the Global Markets Advisory Committee focused on which contracts would be appropriate for clearing, the importance of comparable cross-border regulation,
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