Pressure mounts on Esma over clearing exemption

Responses to Esma's draft technical standard on Emir call for the agency to clarify its position on forex clearing - with some suggestion NDFs could be exempt

The European Securities and Markets Authority (Esma) is coming under increasing pressure to clarify how foreign exchange derivatives will be affected by European regulation of over-the-counter derivatives, following the end of a public consultation on its draft technical standards on August 5.

With just seven weeks to go until Esma must submit its final draft standards to the European Commission on September 30, many stakeholders used the opportunity of the consultation to voice their concerns