EU Council leans towards special treatment for FX

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The Council of the European Union continues to recognise the unique nature of foreign exchange contracts, but stresses it is not advocating a full exemption from mandatory clearing requirements under new rules for over-the-counter derivatives.

On March 17, the Council published its latest compromise proposal on the European Commission's (EC) proposed regulation, which acknowledges clearing contracts through central counterparties (CCPs) might not be the best solution for dealing with settlement