FX MiFID Working Group

Working documents for the Global FX Division MiFID WG.

The WG is focused on implementation of the MiFID/R requirements for FX, working closely with other trade associations to harmonise cross-asset approaches where possible.

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Correspondence

GFMA Submits Comments to ESMA in Response Paper on the Clearing Obligation under EMIR

September 2013  |  Correspondence  |  Comment Letters

The Global Foreign Exchange Division (GFXD) of GFMA provides comments to the European Securities and Markets Authority (ESMA) in response to the Discussion Paper on the Clearing Obligation under the European Market Infrastructure Regulation (EMIR), ESMA/2013/926. 

Given the global nature of the Foreign Exchange (FX) market, GFMA emphasizes the importance in ensuring that the regulatory treatment of FX products in multiple, global jurisdictions remains consistent. GFMA shares its recommendations are responses to questions including the detailed rationale behind the exemption to any central clearing obligation of deliverable over-the-counter (OTC) FX forwards and swaps by the U.S. Department of Treasury. GFMA strongly recommends that ESMA follow a similar approach by not issuing a clearing obligation for such products.

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

February 2012  |  Correspondence  |  White Papers and Reports

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.

Background: 

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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Resources

Invitation to Two MAG/MiFID Vendor Outreach Meetings (June 2017)

June 2017  |  Policy Resource  |  Market Architecture Group

The Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) will be hosting two vendor outreach sessions of its Market Architecture Group and MiFID Working Group to discuss issues related to the implementation of MiFID.

Invitation to MAG/MiFID Vendor Outreach (February 2017)

February 2017  |  Policy Resource  |  Market Architecture Group

The Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) will be hosting a vendor outreach of its Market Architecture Group and MiFID Working Group to discuss issues related to the implementation of MiFID.

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News

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