FMLC responds on FX and derivatives reform: FMLC has published two letters:
- The first letter, to the European Commission, welcomes efforts by the Commission and ESMA to provide clarity and consistency on when foreign exchange (FX) will fall within MiFID. However, it notes that the manner in which the institutions have addressed the question may still leave room for legal uncertainty in the future.
- The second letter, to the Financial Stability Board (FSB), welcomes FSB's recommendations to clarify the criteria for equivalence and comparability of OTC derivatives regulatory regimes. It also says national regulators must continue to work together to achieve consistency of approach.