FIA advocates for open, transparent and competitive markets around the world. Our global advocacy team  works with regulators, policymakers, and the industry on the development and implementation of legislation and regulation through publications and filings.

FIA releases surveillance and market abuse guidelines
September 9, 2020 CONTINUE READING
Markets need to be part of climate change solution, says FIA
September 1, 2020 CONTINUE READING
FIA responds to ESMA's EMIR 2.2 level 2 on tiering and comparable compliance
Joint trade association letter to APAC regulators on reciprocol business continuity plans
October 20, 2020 CONTINUE READING

Electronic Trading

FIA, FIA PTG and FIA EPTA are closely monitoring efforts of regulators on electronic trading.  We provide policymakers with expert feedback on regulatory proposals and promote best practices in risk controls.

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Regulators across the globe have been focused on ensuring that systemically important benchmarks used in global markets are robust and subject to scrutiny.  We have been monitoring and commenting on recommendations and benchmark transitions.

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FIA is closely monitoring the U.K. withdrawal from the European Union in the area of financial services. We continue to work with regulators in the U.K. and the E.U. and with our members to provide for a smooth transition when it comes to derivatives clearing.

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New capital requirements for banking organizations have significant impacts on the ability of banks to provide clearing services for their customers. We are working with regulators to promote risk-reducing effects of clearing while at the same time, preserve a strong and diverse community of clearing firms.

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Clearing is a core tenant of a safe and sound financial system. We are monitoring new regulations affecting CCPs, clearing members and other market participants in the clearing ecosystem, and providing information on CCP rulebooks, operational practices, default procedures and financial resources.

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FIA advocates on behalf of members and provides resources and various forums and Committees to discuss regulatory implementation and day-to-day issues in metals, energy and agricultural markets, including position limits, transaction or position reporting and regulatory exemptions.

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Oversight of today’s global markets requires international coordination to maximize efficiency.  We  advocate for reasonable, pragmatic and deferential cross-border regulation and oversight that provide safeguards while allowing for competition and innovation.

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Customer Protection \ Segregation

The protection of customer funds is paramount. We work with industry and regulators to meet new regulatory requirements that enhance safeguards of customer funds.

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FIA advocates on behalf of member firms regarding the rules imposed by the European Markets Infrastructure Regulation (EMIR) - the European regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (TRs). Designed to improve transparency and reduce the risks associated with derivatives markets, EMIR also establishes common organizational, conduct of business and prudential standards for CCPs and trade repositories. We  also provide forums for firms to discuss implementation challenges, and operational and legal challenges that the Regulation poses in a day-to-day clearing operation.

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Innovation & FinTech

We works with members to monitor innovative FinTech firms and analyze how they impact the traded and cleared derivatives industry.

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Market Conduct

FIA is working with members and regulators on current challenges relating to market conduct and continues to explore the impact of market conduct regulations, such as the Market Abuse Regulation (MAR), the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) in Europe and the Dodd-Frank anti-manipulation and disruptive trade practices provisions in the United States. We broadly supports efforts to preserve and enhance market integrity and strives to ensure that regulators design and implement these regulations to serve their intended purpose.

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The E.U.’s Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) are Europe’s regulations that implemented major capital markets reforms. MiFID II and MiFIR came into effect on 3 January 2018 and will be reviewed during 2020. We are working with members to address key aspects of MiFID II as they relate to listed and cleared derivatives - both within EU, as well as the impact on firms outside of the European region.

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Operational Resilience

The financial services sector and the critical infrastructure it supports is an attractive target for hackers and cyber-criminals. No one is immune to these attacks, and the threats themselves are continually evolving, becoming more targeted, complex, and dangerous. We work with our membership and regulators to host roundtables and workshops to minimize the risk of attacks and assist with recoveries.

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Position Limits

Regulators in the U.S. are implementing regulatory regimes that govern the application of speculative position limits to the commodity futures and swaps markets. We are at the forefront of advocacy in this area to help ensure that these regimes accommodate commercial hedging and risk management activities, and do not disrupt markets or impose undue costs on market participants.

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Trade Reporting

A key aspect of European market reform has been the introduction of regulatory reporting requirements for OTC and ETD derivatives. These fall under the EMIR regulation, but also feature in MiFID II and the European energy market regulation, REMIT.

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FIA engages with members to identify and address matters that affect trade execution across the global industry. Topics covered, but not limited to, are automated trading risk, market access, exchange specific requirements, and other trading and execution related regulatory obligations across global jurisdictions.

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Sustainable Finance

FIA provides a forum for members to discuss sustainable finance developments, which has become a key focus area for regulators and market participants alike. We monitor numerous projects, such as the proposed EU taxonomy, responsible sourcing or disclosure requirements and are liaising with regulators and policy makers to ensure any requirements consider the role of derivatives markets.

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Publications & Filings

  • Resources regarding separate accounts of the same beneficial owner

    March 31, 2021, is the deadline specified in the CFTC’s Supplemental Advisory and Time-Limited No-Action Relief Letter 20-28 (“NAL 20-28”) for Futures Commission Merchants (“FCMs”) and their clients to take certain steps with respect to margining of separate accounts with the same beneficial owner and related agreements.

  • FIA comments on UK prudential regime for investment firms

    FIA has submitted a response to the FCA consultation paper 20/24 on a new UK prudential regime for investment firms.

  • FIA, FIA EPTA and ISDA offer joint response to the European Commission targeted consultationon the CSDR reviw

    On 2 February 2021, ISDA, FIA and FIA EPTA submitted a joint response to the European Commission’s (EC) targeted consultation on the review of the settlement and central securities depositories regulation (CSDR).

  • FIA responds to ESMA on market data

    FIA responded to the ESMA Consultation Paper on draft guidelines on the MiFID II/MiFIR obligations on market data from the perspective of market data users.

  • FIA comments on accessing and using wholesale market data

    FIA responded to the FCA Call for Input on focused on the topic of market data from the market data users’ perspective and has been drafted with exchange-traded derivatives.

  • FIA comments on SEC’s proposed order permitting portfolio margining of cleared swaps and security-based swaps

    FIA filed comments supporting the Securities and Exchange Commission’s proposed order granting conditional exemptions for the portfolio margining of cleared swaps and security-based swaps that are credit default swaps (CDS).


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