Protocol to enable 4-way FX prime brokerage prompts hope

08/28/2013 | Risk.net (subscription required)

Agency firms were forced a few months ago to rein in foreign exchange business to spot only after regulators introduced rules on external business conduct as mandated by the Dodd-Frank Act. Now, market participants are hopeful for completion of a protocol developed by forex prime brokers, agency firms and ISDA to enable four-way forex prime brokerage involving agency firms. "The forex prime brokers have, with the help of ISDA, worked up a solution that we believe works for both sides," said Klaus Said, head of foreign exchange at agency firm CRT Capital.

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