Presentations from InfoNet: MiFID II/R seminar on Transparency

The InfoNet MiFID II/R seminar on transparency focused on the final draft regulatory technical standards and the effect of the regulations on market participants and trading venues.

Presentations from InfoNet: MiFID II/R seminar on Indirect Clearing

The MiFID II/R seminar on indirect clearing began with a presentation from Clifford Chance's Jeremy Walter, who explained the key issues with the requirements under MiFID II/R. A panel discussion followed, where participants representing legal, regulatory, infrastructure and practitioner views debated indirect clearing for ETD and OTC and the number of legal and operational complexities such as: territorial scope, account segregation options and longer chains as well as default management requirements which, for example, include porting and leapfrog payments.

Presentations from InfoNet: MiFID II/R seminar on Investor Protection

The MiFID II/R Seminar investor protection included a presentation from speakers from Norton Rose Fulbright on the four aspects that will have the greatest effect on ETD markets. These are communication, information and analytics, systems and controls and product life cycle. David Dudeney from Trading Compliance then spoke about best execution, another subject high-up on the industry's list of concerns.

Presentations from InfoNet: MiFID II/R seminar on Reporting

This seminar provided an update on the transaction reporting requirements under MiFID II.  The FCA provided members with an up to date view on the requirements from a regulatory perspective and speakers from Norton Rose included a presentation providing an update on the requirements from a legal perspective.

Presentation from InfoNet: MiFID II/R seminar on Microstructural Issues

This Seminar focused primarily on the organisational requirements of investment firms engaged in algo trading, providing DEA and acting as GCMs (RTS 6) and also touched on key requirements from the organisational requirements for trading venues (RTS 7), market making agreements/schemes (RTS 8) and business clock synchronisation (RTS 25).  The session also included this presentation  from Norton Rose.

2026 ETD Volume Reports

Rulebook Revamp

The Japan Securities Clearing Corporation has implemented several changes to its clearing rules for listed derivatives to enhance its clearing services and to introduce practices adopted by other major global clearinghouses. These include changes to the account structure—both omnibus accounts and individual segregated accounts will now be available for clients. In addition, the clearinghouse has revised its margining rules and its collateral management framework.

From Paris to Amsterdam

Euronext has signed a binding “heads of terms” agreement with the Intercontinental Exchange to use ICE Clear Netherlands for its derivatives markets.

Competition in Clearing

On March 29, the European Commission issued a statement prohibiting the proposed merger between Deutsche Börse and London Stock Exchange Group. The Commission concluded that the merger would have created a de facto monopoly in the clearing of fixed income instruments.

Cloud Over London

On May 4, the European Commission issued a policy statement discussing its plans to issue legislative proposals by the end of June to address “important and emerging challenges” in derivatives clearing.