Europe not obliged to follow US on FX exemption, warns senior MEP

Markus Ferber member of European Parliament
Markus Ferber, European Parliament

The European Union is not obliged to follow the lead of US regulators in exempting foreign exchange swaps and forwards from forthcoming regulatory requirements for over-the-counter derivatives, an influential member of the European Parliament (MEP) has warned.

The warning comes days after the US Department of the Treasury finally confirmed it would exempt FX swaps and forwards from both the clearing and exchange trading components of the Dodd-Frank Act, but it casts some doubt over the widely he