Global Correspondence
GFMA Submits Comments to the European Securities and Markets Authority on Draft Technical Standards for Regulation of OTC Derivatives
GFMA provides comments to the European Securities and Markets Authority (ESMA) on the discussion paper regarding draft technical standards for the regulation of OTC derivatives, central clearing counterparties (CCPs) and trade repositories. Many of the current legislative and regulatory reforms will have a significant impact upon the operation of the global FX market and we feel it is vital that the potential consequences are fully understood and that new regulation improves efficiency and reduces risk, not vice versa.
