FCA to defy Europe on forex forwards reporting

Regulator will pursue own policy until final Mifid II draft


The Financial Conduct Authority (FCA) plans to defy European consensus on the regulation of foreign exchange derivatives until it is forced to abandon its stance in 2017 – the latest development in a nine-month feud between the European Commission and the UK regulator, and one that affects which trades have to be reported and cleared by UK-regulated firms.

While the UK does not regard forex forwards as derivatives, thereby excluding them from new derivatives regulations, the commission and the

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