FX Week has a story that US Treasury Officials ‘could’ be reviewing the exemption status for FX Fwds and Swaps from Dodd Frank.
The story plays on the fact that it’s now been a year (29 Apr 2011, we covered it here) since the US Treasury issued its proposed determination to exempt FX Fwds and Swaps from mandatory trading and clearing. The concern in some quarters being that the longer the Treasury takes to confirm that exemption, the greater the chances that the position could be reviewed and possibly reversed.
“We have issued a proposed determination and are carefully reviewing the comments received, but have not made any final decisions,” says Anthony Cooley, deputy assistant secretary for public affairs at the Treasury.
My View: Of course this could be case, although it could also be that the sheer weight of rules still to be finalised, means that they simply haven’t managed to re-focus on FX exemption (yet).
Full story here