On November 16th, the Treasury Department issued a final determination providing that certain mandatory derivatives requirements, including central clearing and exchange trading, will not apply to foreign exchange swaps and forwards. FX swaps and forwards will remain subject to the Dodd-Frank Act's reporting requirements and business conduct standards. Additionally, the Dodd-Frank Act makes it illegal to use these instruments to evade other derivatives reforms. The final determination does not extend to other FX derivatives, such as FX options, currency swaps, and non-deliverable forwards. These other FX derivatives will be subject to mandatory clearing and exchange-trading requirements. Treasury Department Fact Sheet.