UK and EC clash over forex reporting exemption

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With less than a month to go before mandatory reporting of swaps trades in Europe begins, the European Commission (EC) and the UK Financial Conduct Authority (FCA) are at odds over a loophole that allows swaps users to leave certain foreign exchange derivatives unreported.

The loophole exists because of the way the FCA has interpreted the definition of a derivative under the Markets in Financial Instruments Directive (Mifid).

In its national implementation of the directive, which came into force

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