FCA: buy side can stop work on VM rules for forwards

UK regulator follows up on statement from ESAs that urged forbearance

Financial Conduct Authority
As EU works on formal exemption, firms that are likely to benefit can down tools

The UK Financial Conduct Authority has told buy-side firms they can stop working towards January’s looming margin deadline for certain foreign exchange forwards.

The move comes after the three EU-wide supervisory authorities recommended national supervisors apply forbearance when enforcing the rules against the buy side, because the sector is likely to be officially carved out of the margining requirement next year.

“We will not require firms whose physically settled forex forwards are likely

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