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.
The white paper states that the cleared derivatives industry is at an "inflection point" in the adoption of tokenisation and notes that several clearinghouses are exploring use cases for this technology.
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.
FIA does not support extending trading and clearing in CFTC-regulated derivatives markets to a 24/7 basis until such issues have been systematically identified, assessed, and resolved pursuant to public comment and informed public agency action.
FIA and ISDA have submitted a joint response to the European Commission’s targeted consultation on the review of the functioning of commodity derivatives markets and certain aspects relating to spot energy markets.
FIA has responded to SEBI’s Consultation Paper on the Final Settlement Day for Equity Derivatives. FIA acknowledges and supports SEBI’s stated objectives of enhancing market stability, improving predictability, and promoting orderly market functioning through a more structured approach to contract expiries.
FIA makes the case why client clearing of crypto asset derivatives should not count towards the total exposure limit that institutions will be subject to for certain crypto assets, from a clearing member perspective.
FIA, the International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association have published a discussion paper that provides an overview of cross-margining programs developed by clearing organizations and their importance in the context of implementing market reforms to US Treasury securities clearing.
