Econ in favour of FX exemption
The European Parliament's Economic and Monetary Affairs Committee (Econ) is pushing for a clearing exemption for FX derivatives, and only refrained from explicitly exempting it in its most recent draft text of the European Market Infrastructure Regulation (Emir) in case the US Treasury changes its stance, according to Sharon Bowles, a British member of the European Parliament, who chairs the committee.
"We have exempted FX on the basis that the predominant risk, settlement risk, is addressed
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