EC tries to close forex loophole in Emir

Consultation launched in attempt to harmonise reporting rules; FCA will "engage closely"

European commission
The European Commission building

The European Commission has launched a public consultation on the definition of foreign exchange spot and forward contracts in a bid to close a gap in Europe's new derivatives reporting regime.

Since February 12, market participants have been required to report listed and over-the-counter derivatives to one of six authorised repositories as part of the European Market Infrastructure Regulation (Emir). But the scope of the rules is determined with reference to the definition of financial instrume

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