Fed tightens rules for retail forex banking

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The Federal Reserve yesterday announced it has finalised standards for banks regulated under the Dodd-Frank Act that engage in foreign exchange (forex) transactions with retail customers.

Following a notice of proposed rule-making issued in August 2011, the Fed received comments from three individuals, one bank and two trade associations, and proceeded to clarify its rules based on these suggestions. Nevertheless, commentators "generally supported the rule", the Fed said.

The new standards tight

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