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
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