Europe News
The latest industry and regulatory news affecting Europe and the U.K.
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FIA Forum Paris: Experts highlight challenges and opportunities in European derivatives markets
The need for regulatory simplification and a growing trend of product and technology innovation were among the topics discussed during a panel on challenges and opportunities in the European derivatives markets at the FIA Paris Forum on 25 September.
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FIA Forum Paris: Panellists urge EU-wide supervision, discuss EMIR 3.0 hurdles
Central supervision of key areas of the EU’s financial markets – currently handled by national authorities – was a central theme at FIA Forum Paris, reflecting a broader political debate that has intensified in recent months.
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Exchange outages highlight need for stronger action on market outage protocols in Europe
FIA EPTA has joined AFME and EFAMA in a call on stock exchanges to improve outage management. The associations set out four priorities to support more resilient markets.
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FIA responds to ESMA on simplifying regulatory reporting requirements in the EU
FIA has responded to the European Securities and Markets Authority’s Call for Evidence seeking industry input on simplifying regulatory reporting requirements in the European Union. FIA highlights industry concerns with current requirements and provide ways in which the burden on market participants can be reduced without impacting the quality and usability of data used by regulatory authorities for the oversight of systemic risk and the detection of market abuse.
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FIA responds to ESMA consultation on margin transparency requirements
FIA has responded to the European Securities and Markets Authority’s consultation on margin transparency requirements, urging the regulator not to mandate overly prescriptive requirements for clearing member firms, particularly those that do not apply their own margin models but simply pass through clearinghouses’ margin requirements to clients.
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FIA submits request for clarification on EMIR 3.0 active account representativeness
FIA, ISDA and the European Fund and Asset Management Association have shared a paper with EU policymakers, requesting clarification on the implementation of the active account requirement under the European Market Infrastructure Regulation (EMIR 3.0) in relation to representativeness. The associations request regulatory guidance, with a view to standardising compliance and avoiding fragmented implementation of requirements across EU member states.
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Trends in ETD Trading Q2 2025
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.
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EMIR 3.0 – ESMA final report on active account requirements
EMIR 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.
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Looking Forward: Shifting Priorities at the CFTC and SEC
The 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.
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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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