UK Financial Services Authority To Follow CESR's New Arrangements For Reporting Transactions In Non-Securities Derivatives

The Committee of European Securities Regulators (CESR) has now announced new arrangements for the reporting of on-exchange transactions in non-securities derivatives (derivatives where the underlying instrument is not a share, a bond or similar security). Under these arrangements the relevant market operators can report transactions on their markets to their local regulator. This would remove any obligation on investment firms to submit transaction reports for commodity, interest rate and foreign exchange derivatives. The FSA confirms that it will be adopting these new arrangements and will come forward with the necessary changes to its transaction reporting rules. It is in discussion with the relevant UK market operators about implementation issues.