Global Correspondence

GFMA Affiliate Briefing Note – MiFID and Transparency in Foreign Exchange Derivatives

GFMA’s European affiliate, the Association for Financial Markets in Europe (AFME), authored a briefing note on the European Commission’s 2010 review of the Markets in Financial Instruments Directive (MiFID), specifically in regards to transparency in foreign exchange derivatives.


As part of its 2010 review of the Markets in Financial Instruments Directive (MiFID), the European Commission is expected to propose legislation extending transparency requirements into the non‐equities markets. The Committee of European Securities Regulators (CESR) will provide technical advice to the Commission in the context of non‐equities markets transparency and has consulted on the following markets: Corporate Bonds, Structured Finance products (ABS and CDOs), Credit Default Swaps (CDS) and Derivatives (Interest Rate, Equity, Commodities and Foreign Exchange).

AFME’s general position on all aspects of non‐equities transparency apart from structured finance is set out in Briefing Paper [BN10‐03]. This paper specifically covers the market in Foreign Exchange (FX) Derivatives.


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