The regulator made the announcement late last week, after issuing a no-action letter on December 6.
The exemption applies to all “covered FX transaction” provided that all real-time tradable bids and offers are available electronically in the market place to a counterparty, and that the counterparty to the FX transaction agrees in advance, in writing, that the swap deal or leading swap participant need not disclose a pre-trade mid-market price.
