The European Securities and Markets Authority (Esma) has opened a consultation on the clearing of foreign-exchange (FX) non-deliverable forwards (NDFs).
The paper calls for industry opinion on the regulatory technical standards (RTS) that it is required to draft as a result of the European Market Infrastructure Regulation (EMIR). The consultation follows Esma's publication of its final draft RTS for interest-rate swaps yesterday. NDFs have proved to be a contentious point between Esma and UK authorities in the past, with the latter not regarding them as derivatives.
Running until November 6, 2014, the RTS will eventually result in a Commission Regulation after endorsement by the European Commission. The consultation document can be found here.
Jesse Lund talks about real uses for DLT in the capital markets, lessons learned while rolling out IBM's blockchain platform, and what’s ahead for 2018, and into 2019.Subscribe to Weekly Wrap emails