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Does the FX SWAP spot trade should be reported under EMIR if it settles within 2 days?

It is noted that, as per Recital 13 of CDR 2017/565, “a swap on a currency should not be considered a contract for the sale or exchange of a currency and therefore could not constitute either a spot contract or means of payment regardless of the duration of the swap or option and regardless of whether it is traded on a trading venue or not”.

Furthermore FX swaps, is as part of TR Q&A 49 (page 111 of ESMA QA on EMIR implementation). TR Q&A 28 provides further regulatory input as to references on cross currency swaps, FX swaps and forwards the regulation.

Please note that The European Securities and Markets Authority (ESMA) launched in 2017 Q&A tool, providing easy access to stakeholders to consult existing Q&As and submit new questions.

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