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.
James and Anthony talk about the looming Sibos event in Toronto and take a look at some recent M&A activity and blockchain developments in the capital markets.Subscribe to Weekly Wrap emails