FIA presents its quarterly review of volume and open interest on derivatives exchanges worldwide. This quarter we will look at the sharp decline in India's options market, the continued growth of interest rate futures and options in Europe and the US, and competition among exchanges in the energy sector.
CONTINUE READINGEMIR 3.0 – On 19 June 2025, ESMA has issued its final report on the Regulatory Technical Standards (RTS) outlining the conditions for compliance with the active account requirement (AAR), pursuant to the European Market Infrastructure Regulation (EMIR) 3.0. The RTS have been submitted to the European Commission (EC) for endorsement and will subsequently undergo review by the European Parliament and the Council.
CONTINUE READINGThe start of the year has brought policy changes, personnel shifts, and a realignment of priorities at the CFTC and SEC. Foley and Lardner will discuss the recent developments at the Commissions under the new administration and their implications for market participants.
CONTINUE READINGThe response notes it is essential to take into account how a specific market is being used by understanding the central limit order book and the size of business that can be executed in that order book in a short amount of time without causing price slippage. Moreover, it is important to distinguish between ETD and OTC product specificities.
CONTINUE READINGFIA EPTA urges no step back in post-trade transparency in derivatives, in response to an ESMA consultation on revising RTS under the MiFIR review.
CONTINUE READINGMarkets industry associations' letter to European Commissioner Maria Luís Albuquerque regarding priorities for the Savings and Investments Union.
CONTINUE READINGThe EU T+1 Industry Committee has published a high-level road map for the transition to a T+1 settlement cycle for securities on 11 October 2027. The road map contains a set of recommendations developed collaboratively by association representatives and workstream leads from various industry segments.
CONTINUE READINGSpeaking at the 2025 IDX conference, clearing members discussed how investments in operations helped many manage the impact of recent volatility spikes.
CONTINUE READINGFIA has responded to ESMA’s consultation paper on draft technical standards, which provide further details for the new EMIR 3.0 clearing thresholds regime. FIA broadly agrees with the proposed uncleared thresholds but raises concerns about the reductions for IRDs and commodity derivatives, citing inflationary pressures and the importance of maintaining competitiveness with other jurisdictions.
CONTINUE READINGResponding to the European Commission’s consultation on capital markets integration, FIA calls for simplification and burden reduction, makes recommendations on post-trading issues, distributed ledger technology and asset tokenisation, and adds to the debate on supervision.
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