Clarifying a Derivative in Europe – The Legal Perspective

In the wake of the trade reporting mandate going live last week, ESMA (the European Securities and Markets Authority) made a request to the European Council seeking clarification, as a matter of urgency, as to the definition of what does, and what does not, constitute a derivative or derivative contracts. Varying definitions have emerged across Europe, which has resulted in turbulence in the commencement of the trade reporting mandate in Europe.

Read more>