Industry united over spot FX definition after EC consultation
GFMA and ACI push for flexibility over spot transaction definition
Two FX industry bodies have pushed for a more flexible definition of spot contracts within the European Union in response to a European Commission consultation on this long-running dispute.
Under the Markets in Financial Instruments Directive, there is no clear settlement date cut-off between spot and forward contracts. This has left the question of whether spot deals qualify as ‘financial instruments' in the directive, which would open them up to being hit by regulatory changes such as the
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