European Parliament rejects Swinburne’s forex exemption

Crucial plenary vote on Emir on July 5 retains suggested amendments to recognise unique nature of FX derivatives, but strips out explicit calls for an exemption

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Kay Swinburne loses battle for explicit FX exemption in Emir
Photo: PA Wire/Press Association Images

The European Parliament has voted to ditch a crucial amendment to the European Markets Infrastructure Regulation (Emir) proposed by British MEP Kay Swinburne that would explicitly recognise settlement risk as the predominant risk in the foreign exchange market.

The deleted amendment was adopted by the Parliament's economic and monetary affairs committee (Econ) on May 24 and welcomed by market participants at industry officials at the time. "For certain classes of derivatives, involving exchange

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