--- title: "ESMA Q&A 1990 — Q&A — Rolling spot forex [Answer Published]" shortTitle: "ESMA Q&A 1990 — Q&A — Rolling spot forex [Answer Published]" answer_id: ESMA_QA_1990 topic: "Product intervention" status: "Answer Published" type: qa instrument_type: qa authority: ESMA binding: false binding_character: non_binding legal_status: in_force regulation: "MiFIR" mifir_level3: true mica_level2: false legal_basis: "ESMA Decision 2018/795; ESMA Decision 2019/796" date: 28 September 2018 source_link: https://www.esma.europa.eu/publications-data/questions-answers/1990 lifecycle: "Answer Published" text_version: "ESMA Q&A register, 28 September 2018" source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1990" check_status: matched verified: true last_checked: 2026-10-26 checked_against: "the ESMA publication" source: prepared_by: "ESMA" published_by: "ESMA" published_in: "ESMA Q&A tool" evidence: prepared_by: "ESMA Answer" locator: "ESMA Q&A entry ESMA_QA_1990: field 'ESMA Answer', no 'Answer provided by' line" document_type: "qa_answer" legal_nature: "not_legislation" addressees: "not stated in the document" dates: published_on: "2018-09-28" question_submitted_on: "2018-09-28" locators: published_on: "ESMA Q&A Excel export ESMA_QA_1990, column 'Esma responses', date line" question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1990, column 'Date of submission'" lifecycle_label: "Answer Published" --- **Answer by ESMA, published in its Q&A tool · not legislation · published 28 Sep 2018 [Answer Published]** *Answer Published · ESMA Q&A register, 28 September 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1990)* | | | |---|---| | **Full title** | ESMA Q&A 1990 — Q&A — Rolling spot forex \[Answer Published\] | | **Prepared by** | ESMA | | **Published by** | ESMA, in the ESMA Q&A tool | | **Reference** | ESMA_QA_1990 | | **Document type** | Q&A | | **Legal nature** | Not legislation | | **Addressees** | Not stated in the document | | **Dates** | Published 28 September 2018; question submitted 28 September 2018 | | **Legal basis** | ESMA Decision 2018/795; ESMA Decision 2019/796 | | **Related instruments** | None recorded | | **Text on this page** | Word for word — the full text of the ESMA publication | **Rolling spot forex** ### Question Do ESMA’s product intervention measures in relation to CFDs (in the CFD Decision) also apply to rolling spot forex? *** ### Answer \[ESMA 35-36-1262 Q&AS on Product intervention, Q&A 5.12\] Article 1(a) of the CFD Decision provides that a CFD is a derivative other than an option, future, swap or forward rate agreement, the purpose of which is to give the holder a long or short exposure to fluctuations in the price, level or value of an underlying, irrespective of whether it is traded on a trading venue, and that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event. Paragraph 8 of the CFD Decision clarifies that rolling spot forex products are in scope. The CFD Decision applies to rolling spot forex that do not qualify as an option, future, swap or forward rate agreement. A forex derivative which uses the spot price as reference value and automatically rolls over at the end of the contract period and allows a party to terminate the contract other than by reason of default or another termination event is a CFD for the purposes of Article 1(a) of the CFD Decision. *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1990)