One Year Ago In Derivatives Week

European members of Parliament had proposed foreign exchange over-the-counter derivatives to be exempted from impending legislation. MEPs also wanted a requirement for the European Securities and Markets Authority to report on the progress of dismantling vertical silos. [ESMA has yet to publish their final terms on the European Market Infrastructure Regulation. Steven Maijoor, chair of ESMA, has warned over the potential for regulatory arbitrage over margins that are not centrally cleared, such as fx derivatives in the U.S. (DI, 2/08).]