Singapore proposes exemption of FX Swaps/Fwds from clearing mandate – aligns with US

Last week the Monetary Authority of Singapore (MAS), published a consultation paper, on the proposed regulation of OTC Derivatives.

The paper, proposed that FX Swaps and Fwds should be exempt from mandatory clearing. Although, as in the US, the MAS recognises that other FX products, including options and non-deliverable forwards (NDF), should not be exempt.

Consultation paper available here.

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