Market Structure archive
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Viewpoint – Let’s get serious about SEC-CFTC collaboration
The pace of change is undoubtedly quickening in our markets. We must have a regulatory structure that can keep up with the markets.
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FIA Forum Paris: Panellists urge EU-wide supervision, discuss EMIR 3.0 hurdles
Regulators and market leaders debated the merits of centralised supervision in the EU, challenges in implementing EMIR 3.0, and the UK’s approach to systemically important clearinghouses, among other topics, at FIA’s forum in Paris.
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FIA comments on ICE's US Treasury clearing proposal
FIA filed comments with the US Securities and Exchange Commission responding to ICE Clear Credit's proposed US Treasury clearing rules. The letter commends ICC for its efforts to expand its clearing services to the U.S. Treasury market and recommends refinements to certain aspects of the proposed rules to ensure predictability and clarity for clearing firms and market participants that will participate on ICC's platform, once approved.
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FIA responds to ECB consultation on extension of T2 operating hours
FIA appreciates the opportunity to provide feedback to the European Central Bank (ECB) Consultation Paper on the extension of T2 (formerly TARGET 2) operating hours. In the short term, FIA Members suggest moving to a 23 hours / 5 days a week T2 payment settlement model for use on a voluntary basis, with the T2 closing window being reduced to one hour.
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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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Viewpoint – A hard reset: A return to recognition
A recent policy document details the return of the UK’s recognition approach for regulating cross-border business that the UK helped develop nearly forty years ago. This nuanced change would unlock tremendous capacity for our industry to grow and return our markets to a more outcomes-based approach that could kick-start productivity in our global markets.
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FIA responds to Senate Banking RFI on market structure legislation
The Senate Banking Committee published its version of proposed legislation on market structure and digital assets and issued a request for information. FIA has responded with its views, including commentary on the role of the CFTC, the importance of market intermediaries, and other topics.
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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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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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