Patrick Pearson, head of financial-market infrastructure at the European Commission, said the European Securities and Markets Authority should follow the U.S. Treasury Department's lead and exempt foreign exchange swaps and forwards from clearing. "If you look at the text of the regulation, it's pretty clear where we need to end up -- it's clear ESMA needs to consult with third-country regulators," Pearson said. "There are things you fight for and things you don't fight for, and it doesn't make a great deal of sense, if the U.S. exempts foreign exchange from central clearing, for the European Union to introduce mandatory clearing."

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