Esma must mirror US Treasury’s FX exemption, says EC official

hall-of-mirrors

The European Securities and Markets Authority (Esma) should replicate the US Treasury's proposed exemption of foreign exchange swaps and forwards from mandatory central clearing, despite an apparent difference of opinion between the US and Europe over the treatment of uncleared trades, according to a European Commission (EC) official and architect of the European Market Infrastructure Regulation (Emir).

Speaking at the Risk Annual Summit in London last week, Patrick Pearson, head of the EC's

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