The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have decided to exempt foreign exchange trading from margin rules for over-the-counter derivatives. The industry, which has argued that forex should be treated differently from derivatives and equities, welcomes the decision. "Exempting FX forwards and swaps from a mandatory [initial-margin] regime will ensure corporates and investors continue to benefit from a well-functioning and cost-effective FX market," expert James Kemp said.

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