Europe News
The latest industry and regulatory news affecting Europe and the U.K.
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FIA responds to ESMA consultation on derivatives transparency
The 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.
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FIA EPTA responds to ESMA consultation on derivatives transparency
FIA EPTA urges no step back in post-trade transparency in derivatives, in response to an ESMA consultation on revising RTS under the MiFIR review.
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Advancing EU capital markets: Prioritising key targets for the Savings and Investments Union
Markets industry associations' letter to European Commissioner Maria Luís Albuquerque regarding priorities for the Savings and Investments Union.
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EU T+1 Industry Committee publishes road map for T+1 settlement transition
The 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.
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How clearing members managed market volatility
Speaking at the 2025 IDX conference, clearing members discussed how investments in operations helped many manage the impact of recent volatility spikes.
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FIA responds to ESMA consultation on EMIR 3.0. clearing thresholds regime
FIA 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.
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FIA responds to European Commission consultation on the integration of EU capital markets
Responding 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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Trade associations request EMIR 3.0 Active Account Requirement forbearance
FIA, EACB, EFAMA and ISDA have written to the European Securities and Markets Authority to highlight concerns regarding the imminent entry into effect of the Active Account Requirement on 24 June 2025, in the absence of required Level 2 implementing rules. Without these rules, EU market participants lack clarity on the final AAR requirements with which they must comply from that date. The associations request that ESMA issues an opinion to national competent authorities asking them not to prioritise any supervisory or enforcement action in relation to AAR, namely the representativeness requirement.
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Improving the Timeliness of Give-Up Processing
How is the industry addressing friction points that cause delays in give-up processing? This webinar features members of the Derivatives Market Institute for Standards who have been actively implementing the Final Standard for Improving Timeliness of Trade Give-Ups and Allocations (30/30/30) released in June 2023. Representatives from brokerage firms and clients will share how they identified and resolved issues causing processing delays, reduced risk and increased the percentage of trades in the right account on T+0.
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Predictions, Perps, Protocols: Trends in Market Structure and Innovation
Sullivan & Cromwell’s Commodities, Futures and Derivatives team will discuss (1) recent developments in market structure, including the 24/7 trading, decentralized finance, vertical integration and direct access models and (2) new products, including perpetual derivatives and event contracts. The webinar will cover relevant updates from the CFTC and SEC, as well as Congress, the courts and the industry.
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