Tag: FX Forwards
GFMA Gives its Two-Penneth on Categorisation of FX Transactions
On 25 March 2014, the Global Financial Markets Association (GFMA) published a letter addressed to the EU Commission and the European Securities and Markets Association (ESMA), regarding the regulatory treatment of “FX Security Conversions”. The letter follows the exchange between ESMA and the EU Commission regarding
Commission Tells ESMA it’s on the Case Over EMIR Reporting
On 20 March 2014, ESMA published a letter (dated 26 February 2014) received from the EU Commission in response to a letter sent from ESMA on 14 February 2014 regarding the classification of financial instruments as derivatives for the purposes of reporting under EMIR (see this blog post for more detail). The EU Commission shares […]
FX Forwards and Swaps to be initial margin free
The WGMR[1] has told Risk magazine that their rules for non-centrally cleared derivatives will be published within weeks. A member of the working group said, “Publication is expected by the end of the month. A specific treatment [i.e. an exemption] for forex swaps and forwards is indeed likely”. Market participants have lobbied hard over the […]
EU Commission confirms that EMIR applies to FX
The EU Parliament has published a response provided by the EU Commission to a parliamentary question regarding the applicability of EMIR to FX swaps and forwards. Michel Barnier, responding on behalf of the EU Commission, confirmed that “there is no express power for the Commission to exempt foreign exchange transactions generally from requirements under EMIR, […]