FIA invites the CFTC to consider a modified regime for fully collateralized and pre-funded clearing models, including those catering to retail traders.
FIA has responded to the Financial Conduct Authority’s consultation on improving the UK Transaction Reporting Regime. FIA welcomes several positive elements within the proposals, including reduced back-reporting timelines and the removal of low-value reportable fields. At the same time, FIA highlights industry concerns relating to proposals on conditional single-sided reporting, which members believe are unlikely to deliver meaningful efficiency gains.
FIA highlights issues for consideration by the EBA for the SREP Guidelines, with the aim of increasing proportionality and increase alignment with existing EU regulatory frameworks in the Operational Resilience space.
FIA and ISDA backed CPMI-IOSCO proposals, urging clearer prescriptive treatment of FMI general business losses, stronger resources, consistent scenarios, transparency, and rejecting margin gains haircutting.
FIA submitted comments to the Clearing Corporation of India Limited's consultation on revising the capped member liability framework for Default Fund replenishment. FIA welcomed CCIL’s aim to improve transparency and predictability of members’ potential unfunded Default Fund exposure.
FIA has responded to the European Securities and Markets Authority's consultation on EMIR 3.0 draft regulatory technical standards on the elements to be considered when EU central counterparties define participation requirements. The response highlights the need for CCPs to assess clearing members based on the actual risks they pose, rather than relying on entity type or licensing status as proxies for risk. In particular, the response distinguishes between regulated non-bank financial clearing members and non-financial counterparties that typically clear to hedge commercial exposures and do not provide financial services.
FIA congratulates Mike on his confirmation to chair the CFTC. At a time when Congress is navigating a regulatory framework for digital assets, and technology is disrupting and enhancing traditional finance, Mike is the right person with the right experience to lead the agency through these times of great change.
There is tremendous change facing the cleared derivatives markets today, especially when compared to 2008 when the CFTC was last reauthorized. FIA strongly supports the reauthorization of the CFTC, as it reinforces the agency’s mission and central role in safeguarding markets critical to the global economy.
FIA expresses support for the overall direction of the proposals and recognises the important role that an effective investor identification framework would play in strengthening market transparency, enhancing surveillance and supporting the continued development of Hong Kong’s derivatives market.
FIA welcomes the European Commission's market integration package of measures, which aim to remove market barriers and enhance competitiveness in EU financial markets. FIA strongly supports these objectives and looks forward to reviewing and commenting on whether the goals of simplification and burden reduction will be achieved by the proposals.
