There are several exemptions, including primary equity and bond issues, spot foreign-exchange deals and deals involving central clearing-houses.

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They have also coaxed leading international banks into setting up a global clearing house to reduce the risk of loss should big foreign-exchange trades not be completed as the parties agreed.

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In anticipation of the new regulations, DB set up a new derivative exchange-clearing unit called Markets Clearing for listed and over-the-counter derivatives for interest rates, foreign exchange, credit, commodities and equities contracts.

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Once the bond offering is successfully sold to QIB's through the holding and clearing companies in New York and Europe, the bond will be officially listed on a foreign stock exchange (in this case, the Hang Seng).

CENTERFORSECURITYPOLICY: Center For Security Policy