Esma calls for EC to overrule UK on forex reporting

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The European Securities and Markets Authority (Esma) is calling for the European Commission (EC) to close a loophole in the continent's days-old derivatives reporting regime, by imposing on member states a single definition of what counts as a derivative. Risk reported on January 17 that the UK's definition excludes some foreign exchange contracts from the reporting rules contained in the European Market Infrastructure Regulation (Emir) - a stance that conflicts with EC guidance on the scope