The Federal Deposit Insurance Corporation (FDIC) has rolled out new foreign exchange rules for retail clients, Reuters reports. As per the proposal, clients who engage in forex deals with a bank that are not cleared through an exchange will have to to post a margin amount of 2% in the case of major currencies, including dollar, euro. The margin amount will increase to 5% of the notional value of the transaction for some other currencies. Banks have also been asked by the FDIC to keep more transaction records and give clients more information on things, such as the fees they are being charged.
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