The UK Financial Services Authority and Treasury have declared their support for the European Commission’s proposals to reform the derivatives market – and in turn, the government bodies have won applause from the Futures and Options Association.
The FOA’s chief executive, Anthony Belchambers, reiterated his view that the EU should refrain from implementing legislation that damaged the over-the-counter (OTC) derivatives market.
“Good regulation is about accommodating diversity, not suppressing it,” Belchambers said. “The FSA response to the Commission’s communication quite rightly prioritises the need for stricter and closer oversight of the OTC markets. Much will turn upon the detail, but it does recognise the growing calls from the buy side to avoid impairing the capacity...