Lack of Esma clarity delays progress on FX trade reporting

isam-hourglass

A lack of clarity from the European Securities and Markets Authority (Esma) on trade reporting requirements in Europe is making it difficult to find a workable mechanism to report foreign exchange trades after Esma's recent rejection of a proposal put forward by the industry, according to banks and industry associations.

At the heart of the problem is the need for trades to be reported by both counterparties to a trade, as required from early next year under the European Market Infrastructure Re