Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May
More than three months after the external business conduct rules of the US Dodd-Frank Act forced agency firms to scale back their foreign exchange activities to spot only, market participants are hopeful a new protocol intended to enable four-way foreign exchange prime brokerage (FXPB) involving agency firms as intermediaries could be completed by the end of August.
Forex prime brokers have been working with agency firms and the International Swaps and Derivatives Association since the Commodity
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