GFMA Submits Comments on the consultation document issued by the European Commission on FX financial instruments
8 May 2014
The Global Foreign Exchange Divisions (GFXD) of GFMA provides comment to the European Commission on its consultation document on FX financial instruments.
Because transactions in FX spot, alongside FX swaps and FX forwards, are integral to the global payment system, international trade, cross-border activity and monetary policy, it is essential that the smooth functioning of the FX market not be disrupted. For these reasons, we wish to emphasize the importance in ensuring that the regulatory treatment of FX products within the European Union – and across multiple jurisdictions globally – is consistent.