Forex bankers alarmed by clearing plans

When all is said and done and the Senate and House bills are reconciled, there will be an exemption. I don't see the repeal of the exemption surviving the legislative process.
 
Quote from Banjo:

Foreign exchange bankers reacted with alarm on Wednesday to proposals from a senior US politician that would require trades in currency derivatives to be processed through a centralised clearing system.

http://www.ft.com/cms/s/0/7e9a9716-d47a-11de-a935-00144feabdc0.html?nclick_check=1
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Looks like this is for swaps and forwards, not spot trading. Shouldn't affect the spot trader from what is said in that article. Obviously the bill will need to be read closer.
 
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