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US Treasury proposes rule exempting forex swaps from Dodd-Frank regulation

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Posted by [url="http://www.cftclaw.com/author/emendel/"]Elan Mendel[/url] on May 3, 2011 | [url="http://www.cftclaw.com/2011/05/treasury-proposes-rule-exempting-forex-swaps-doddfrank-regulation/#comments"]1 comment[/url]Late last week, the US Treasury proposed that foreign exchange (forex) swaps be exempt from Dodd-Frank Regulation. The agency argues that “[c]entral clearing requirements will strengthen the rest of the derivatives market, but could actually jeopardize practices in the foreign exchange swaps and forwards market that help limit risk and ensure that it functions effectively.” Unlike other currency swap cousins, the industry views forex swaps as relatively stable. They are based on real currency exchange rather than financial abstraction, are generally short in duration, and outline payment agreement in their contracts.

Nevertheless, watchdog groups were suspicious of the announcement, who advocate strict regulation of all derivatives to avert another market-wide meltdown. They are particularly worried that market participants will try to disguise other types of swaps as forex swaps in order to evade regulation.

[url="http://www.treasury.gov/press-center/press-releases/Pages/tg1152.aspx"]Read more about this Department of the Treasury regulatory announcement.[/url]




[url="http://www.treasury.gov/press-center/press-releases/Pages/tg1152.aspx"]http://www.cftclaw.com/2011/05/treasury-proposes-rule-exempting-forex-swaps-doddfrank-regulation/
[/url]

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IT IS TRUE THAT FOREX WILL NOT BE ABLE TO SELL GOLD, SILVER AND PRECIOUS METALS TO THE MIDDLE
CLASS IN THE USA. BUT FOREX DOSEN'T DEAL IN CURRANCY ( DINAR ). SOMEONE PLEASE EXPLAIN? THE
DODD-FRANK BILL, SECTION -HR4173- JUST MAKES THIS TOPIC MORE CONFUSING. ARE THE PEOPLE THAT
HOLD DINAR GOIMG DO HAVE TO CASH IN BEFORE JULY 15 2011, IF THERE IS NOT A REVALUATION BEFORE
JULY 15th WILL IT ALL BE LOST.

DAOSALES
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[quote name='DAO SALES' date='20 June 2011 - 12:05 PM' timestamp='1308593129' post='532713']
IT IS TRUE THAT FOREX WILL NOT BE ABLE TO SELL GOLD, SILVER AND PRECIOUS METALS TO THE MIDDLE
CLASS IN THE USA. BUT FOREX DOSEN'T DEAL IN CURRANCY ( DINAR ). SOMEONE PLEASE EXPLAIN? THE
DODD-FRANK BILL, SECTION -HR4173- JUST MAKES THIS TOPIC MORE CONFUSING. ARE THE PEOPLE THAT
HOLD DINAR GOIMG DO HAVE TO CASH IN BEFORE JULY 15 2011, IF THERE IS NOT A REVALUATION BEFORE
JULY 15th WILL IT ALL BE LOST.

DAOSALES
[/quote]


Lifting Chapter 7 puts Iraq back to International status just as they was before all of this.. there for making the IQD open to be traded on the Forex market...
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Too much disinformation regarding this new law. $600 or more purchase of metals, per dealer, per year, gets reported to IRS This applies to each and every dealer in metals.....not just FOREX. Don't get hung up on FOREX. Next, when this currency moves appreciably, a few of us on this site can qualify for Accredited Investor status....most can't. BIG DEAL. Do your want to become a day-trader in currency or do you want to become a Series 65 holder.....if not, don't sweat the law. Pay the taxes due....the smallest amount that is legal, then, go onto the next investment possibility. Really simple.
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[quote name='DAO SALES' date='20 June 2011 - 01:05 PM' timestamp='1308593129' post='532713']
IT IS TRUE THAT FOREX WILL NOT BE ABLE TO SELL GOLD, SILVER AND PRECIOUS METALS TO THE MIDDLE
CLASS IN THE USA. BUT FOREX DOSEN'T DEAL IN CURRANCY ( DINAR ). SOMEONE PLEASE EXPLAIN? THE
DODD-FRANK BILL, SECTION -HR4173- JUST MAKES THIS TOPIC MORE CONFUSING. ARE THE PEOPLE THAT
HOLD DINAR GOIMG DO HAVE TO CASH IN BEFORE JULY 15 2011, IF THERE IS NOT A REVALUATION BEFORE
JULY 15th WILL IT ALL BE LOST.

DAOSALES
[/quote]

You will be fine.
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