Another big issue for large corporations when the Dodd-Frank bill was debated was the regulation of derivatives and swaps. For the most part, the law says companies that use swaps have to report execution of orders to a clearing agency. That process means new fees for companies. Foreign-exchange (FX) swaps and FX forwards are a carefully defined special class of transactions that is included within the definition of "swap" under the bill unless the Secretary of the Treasury makes a written determination that FX swaps and/or FX forwards shouldn't be regulated as swaps and aren't structured to evade Dodd-Frank.
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