Esma inclined to follow US FX exemption, says FSA’s Justham


The US Treasury's likely exemption for foreign exchange swaps and forwards from mandatory clearing and exchange trading will heavily influence the decision-making of the European Securities and Markets Authority (Esma) when it comes to decide which classes of derivatives should be subject to similar rules in Europe, according to a senior UK regulator.

"Product exemption is an area where consistency is primary. The US Treasury has recently made a decision to exempt FX forwards and swaps from

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