Industry forced to rethink reporting after Esma rejects GFMA proposal
Forex participants must reconsider their approach to dual reporting under Emir, after Esma rejects industry proposal
The European Securities and Markets Authority (Esma) has rejected an industry proposal for dual trade reporting, creating a setback for foreign exchange market participants as they gear up for compliance with the European Market Infrastructure Regulation (Emir).
Under Emir, both counterparties to a trade are held accountable for ensuring trades are reported, unlike the US Dodd-Frank Act, where the responsibility lies with only one side. This is causing problems for the foreign exchange market
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