The FT has reported that European authorities are postponing the reporting of all foreign exchange derivatives until MiFID II comes in, in 2017.
The problem is agreeing on a definition of what is a derivative, with different countries using differing definitions – something will sound familiar to anyone aware of the debate on physical power and gas forwards and whether they are a derivative or not.
This for-ex blog suggests the chances of agreeing on a definition for MiFID II are slim at best. So it will be interesting to see how ESMA navigates defining derivatives with both foreign exchange and commodities in mind.