GFMA says FX security conversions not derivatives: GFMA has asked the Commission to clarify that FX transactions entered into to facilitate buying or selling a foreign security (FX security conversions) are spot transactions even though their settlement period could be greater than two days. The US and Canada have already defined them as spot transactions outside the scope of derivatives regulation. (Source: Consistent Regulatory Treatment for Incidental FX Transactions Related to Foreign Securities Settlement)