Banks want Treasury to exempt forex derivatives from Dodd-Frank

11/24/2010 | Bloomberg

A coalition of 20 financial firms, including some of the biggest Wall Street banks, has asked the Treasury Department to give foreign exchange derivatives an exemption from rules mandated by the Dodd-Frank Act. The group said foreign exchange derivatives played no part in the financial crisis and are much simpler than other derivatives, such as credit default swaps.

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