Regulation

Esma hits out at UK regulator over supervision of derivatives markets

European regulator says the FCA — which oversees the biggest derivatives markets in the EU — has not been keeping a close enough eye on them

The UK’s Financial Conduct Authority has been rebuked by its EU counterpart for “infrequent”, “irregular” and “reactive” supervision of the UK’s vast derivatives markets — criticisms it rejected immediately.

The spat comes at a crucial time, with renewed optimism over a Brexit deal putting attention back on the future of financial oversight across Europe and the relationship between regulators on either side of the English Channel.

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