European Commission launches consultation on FX definitions

After two months of uncertainty over forwards definitions

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The European Commission has launched a public consultation on the definition of foreign exchange spot and forward contracts in a bid to clarify what constitutes a financial instrument and to plug a hole in reporting regulations.

Since February this year derivatives contracts have to be reported to central repositories as part of the European Market Infrastructure Regulation (Emir). But shortly after the deadline it emerged that the Markets in Financial Instruments Directive (Mifid) fails to

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