European Parliament and Council on collision course over FX exemption

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On February 7, the Council of the European Union put forward a compromise proposal on the draft regulation that was adopted by the European Commission (EC) in September 2010. Crucially for FX market participants, the proposal inserts an additional paragraph that would explicitly mandate the European Securities and Markets Authority (Esma) to take due account of the specific nature of particular asset classes when determining their suitability for a mandatory clearing requirement.

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