EC: Prepare for FX clearing in US and EU


Speaking at the conference held to discuss the future of the FX market and impending regulation, Patrick Pearson, head of the financial markets infrastructure unit at the EC, said neither the US nor the EU wants an outright exemption. “We’ve had long discussions about having an outright exemption for FX, and the answer for both the US and the EU was no,” said Pearson.

He added that no member state had introduced or even advocated an outright clearing exemption for FX.

Pearson also criticised the

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