James Kemp, Managing Director, FX Division at AFME.
of the FX market, supports eff orts to promote an effi cient global FX market and monitors developments in public policy and regulation that could aff ect the FX markets. It is at the forefront of arguing the FX case in the face of proposed legislation on both sides of the Atlantic.
US lead on regulatory change
In the US, the Dodd Frank Act proposes that OTC FX forwards and swaps will be regulated as ‘swaps’, unless exempted by the US Treasury Secretary Tim Geithner. With the European Commission set to follow suit under two separate legislative umbrellas, EMIR and MiFID, time is running out to make the case for exclusion of these FX instruments from mandatory clearing.