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CFTC Eyes Clearing Mandate for Some Currency Derivatives

Proposal involves non-deliverable forwards, which aren't covered by the Treasury exemption for FX forwards and swaps.

By Silla Brush, Bloomberg | Updated on October 08, 2014

Foreign-exchange traders, already subject to a global probe over alleged manipulation, may face U.S. restrictions on derivatives contracts for some currencies.

Commodity Futures Trading Commission members and staff are weighing whether to require that contracts for non-deliverable forwards be guaranteed at clearinghouses that accept collateral from buyers and sellers. The regulation would apply the clearing rule to contracts for a dozen currencies, including China’s yuan, South Korea’s won and Brazil’s real.

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