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Trading forex options on registered U.S. platforms is a long-awaited step in making derivatives markets more transparent, but so far it has failed to take off. Rules became effective in October that required these trades to move to swap execution facilities, or SEFs. However, there is no established clearing-house for these trades, and with the additional paperwork and legal requirements needed to trade on SEFs, many market players are electing to stick with trading the old-fashioned way, that is, by telephone or on bank platforms. Commodities Futures Trading Commission rules require FX options and non-deliverable forwards traded between U.S. entities to be executed on a SEF, the designated trading platform for regulated derivatives. However, that requirement will not fully be in effect until these FX products can be cleared. At the moment, there is no entity that can clear FX options. Currently, the limited number of FX options traded on SEFs are being cleared and settled between counterparties. Dan Akerson, General Motors's outgoing chief executive, on Monday defended his tenure leading the No. 1 U.S. automaker and said his successor will have to build on the turnaround that he guided. Akerson assumed control of the Detroit company shortly before its autumn 2010 reintroduction as a public company and steered its return to profits after the 2009 bankruptcy and $49.5 billion federal bailout. Akerson said GM at the time faced out-of-controls costs, wasteful complexity and diminished quality, and had lost sight of its customers. U.S. stock index futures were little changed on Monday, suggesting investors were reluctant to buy even after a steep decline last week, as they turned their focus to an upcoming Federal Reserve policy meeting. Equities are coming off their worst week in nearly four months, a pullback that came on concerns the Fed may begin a stimulus wind-down at its two-day policy-setting meeting that ends Wednesday. The stimulus has been a major contributor to the market's gains this year, and has been expected to keep a floor under stock prices for as long as it continues.

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