Expanding European market abuse regime to FX spot considered problematic
Lawyers and industry group say move would overlap with Global FX Code and create costly record-keeping and reporting burdens
The possible inclusion of spot FX contracts within the scope of the Market Abuse Regulation (MAR) will be problematic to monitor and overlap with the FX Global Code of Conduct, according to lawyers and industry representatives.
At the behest of the European Commission, on October 3 the European Securities and Markets Authority (Esma) published a consultation paper that considers how the spot FX market could be included within the scope of MAR, and in the scope of obligations to maintain records
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