EC: Prepare for FX clearing in US and EU
European Commission's Patrick Pearson says no member state has advocated an outright exemption for foreign exchange clearing
Senior figures from the European Commission (EC) and European Parliament ruled out an outright clearing exemption for foreign exchange at an Association for Financial Markets in Europe conference in Brussels held on January 12.
Speaking at the conference held to discuss the future of the FX market and impending regulation, Patrick Pearson, head of the financial markets infrastructure unit at the EC, said neither the US nor the EU wants an outright exemption. "We've had long discussions about
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