Esma under pressure to approve FX dual-reporting solution
The European Securities and Markets Authority (Esma) is under pressure to approve proposals put forward by the Global Financial Markets Association (GFMA) that would tackle the complex challenge of meeting Esma's requirements for foreign exchange trade reporting under the European Market Infrastructure Regulation (Emir).
The problem stems from the fact that under Emir, both counterparties to a trade are required to report, whereas under the US Dodd-Frank Act, the responsibility lies with only
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