Foreign exchange iiasn't escapedthe s weeping impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act. One area that will probably take a serious hit is the trade in so-called nondeliverable forwards, U. S. dollar-denominated currency contracts for currencies such as the Chinese renminbi that can't be delivered offshore because of capital controls. The U.S. Commodity Futures Trading Commission, which is writing the rules for derivatives trading, still hasn't laid out some key points of the new Dodd-Frank requirements. (Despite repeated requests, the CFTC refused to comment.) But the NDF market has already been buffeted by change.
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