ESMA’s Chairman Steven Maijoor

ESMA’s Chairman Steven Maijoor

Brian Capon/British Bankers' Association via Bloomberg

ESMA’s Chairman Steven Maijoor said in a Feb. 14 letter to Financial Services Commissioner Michel Barnier, “There is no single, commonly adopted definition of derivative or derivative contract in the European Union, thus preventing the convergent application” of the reporting rules within the European Market Infrastructure Regulation.