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

Patrick Pearson, head of the European Commission unit that drafted Emir, says forex swaps and forwards must be exempt from clearing under Esma standards


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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here