Senate Agriculture Committee Chairman, Blanche Lincoln, is planning to include forex swaps and forwards in her proposal to regulate over-the-counter derivatives, The Wall Street Journal reports. The U.S. government officials have proposed excluding them.
The new rules are likely to cover a large chunk of the almost $3.2 trillion-a-day forex market. Blanche’s proposal will include moving routine products onto trading venues and into clearinghouses, which guarantee trades.
