EU executive rejects delay in derivatives reporting

Reuters

LONDON, Nov 7 (Reuters) - The European Union's executivebody will reject a call from the bloc's securities regulator todelay mandatory recording of derivatives traded on exchanges bya year, a letter said.

Jonathan Faull, the top official at the EuropeanCommission's internal market unit, has written to StevenMaijoor, chairman of the European Securities and MarketsAuthority (ESMA).

"I would like to inform you of the European Commission'sintention to reject the draft implementing technical standardsubmitted by ESMA," Faull wrote in the letter dated Nov. 7 andseen by Reuters.

ESMA wanted to delay the deadline until January 2015 to givethe industry more time to prepare.

This means that transactions executed on as well as offexchanges must be reported from early next year.

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