WASHINGTON(Reuters) - U.S. banking regulators are
scheduled to vote on a proposal Tuesday morning that would
govern banks' relationships with retail customers who speculate
in the foreign exchange market.
Under the rule, recommended by the Federal Deposit
Insurance Corp staff, retail customers who engage in foreign
exchange transactions with a bank that are not cleared through
an exchange would have to post a margin amount of 2 percent in
the case of major currencies, and 5 percent of the notional
value of the transaction for more exotic currencies.
The rule is required by the Dodd-Frank financial oversight
law and it will be voted on Tuesday by the FDIC.
(Reporting by Dave Clarke, Editing by Gerald E. McCormick)
© 2024 Thomson/Reuters. All rights reserved.