FCA to defy Europe on forex forwards reporting

EC ‘forgets’ to mention sterling in letter defining forex contracts

financial-conduct-authority-canary-wharf
FCA headquarters

The Financial Conduct Authority (FCA) plans to defy European consensus on the regulation of foreign exchange derivatives until it is forced to abandon its stance in 2017 – the latest development in a nine-month feud between the European Commission and the UK regulator, and one that affects what trades have to be reported and cleared by UK-regulated firms.

While the UK does not regard forex forwards as derivatives, thereby excluding them from new derivatives regulations, the commission and the

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