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Foreign Exchange

EU regulation handbook coming to a trading desk near you

A coalition of financial-products industry associations, including a leading FX market group, are developing a handbook to help companies operating in traded markets comply with a collection of complex new EU regulations, says Futures and Options Association (FOA) CEO Anthony Belchambers.

Belchambers announced at the TradeTech FX conference in London on Tuesday that an initial, early-stage version of the digital handbook – called the EU Regulation Implementation Handbook – is now freely available for download from the website of law firm Clifford Chance, which is drafting the language in the handbook on behalf of the industry associations. KPMG is also contributing expertise to the handbook on operational issues tied to compliance with the regulations.

The Wholesale Markets Brokers’ Association – which represents the interests of a number of FX market brokers and trading firms – along with the FOA, the Association of Private Client Investment Managers and Stockbrokers, and the European Federation of Energy Traders are all contributing their regulatory-compliance expertise to the handbook.

Advice will cover new, developing guidelines in the EU for trading FX products, such as NDFs, swaps and forwards, as well as the full range of other financial products affected by the new statutes being drafted by the European Commission.

The handbook will cover compliance guidelines for the EU’s European Markets Infrastructure Regulation plan, the latest version of the EU Markets in Financial Instruments Regulation and Directive, the Market Abuse Regulation and Directive and market integrity rules of the Regulation on Energy Market Integrity and Transparency, according to a statement from the industry associations.

Belchambers said during a panel discussion at the TradeTech conference that FOA is hearing from many firms that are “becoming really worried about [regulatory compliance] timetables”.

“There’s a lot of nervousness beginning to emerge about the implementation process for these regulations,” says Belchambers.

The handbook will be developed during the next two years to cover compliance issues associated with all wholesale and retail market-facing products and services, and it will be kept up-to-date over time to ensure the text is reliable, say the industry associations.

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