Earlier this year, the CFTC required that swap execution facilities (SEFs) with temporary SEF registration status come into full compliance with all applicable SEF rules beginning on October 2, 2013. Originally, those rules were thought to apply only to transactions that would be required to trade on a SEF. However, the language of the rule’s Footnote 88 implies that rules would apply to any transaction the SEF offered, whether or not that transaction is mandated to trade on a SEF. These concerns prompted ISDA to conduct a SEF Market Fragmentation Survey to obtain a clear picture of potential market disruption or fragmentation resulting from SEF rule implementation. This Research Note examines the results of that survey.
Documents (1) for Footnote 88 and Market Fragmentation: An ISDA Survey
Latest
Joint Response to ETS Review
On November 2, ISDA and the Association for Financial Markets in Europe submitted a joint statement on the European Commission’s call for feedback on the review of the EU Emissions Trading System (ETS). The response highlights the importance of a...
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
ISDA Publishes ISDA SIMM® Methodology, Version 2.9+2606
Following the 2026 primary calibration exercise, ISDA is pleased to publish ISDA SIMM® version 2.9+2606. This version incorporates updates arising from the recalibration of the model using historical data up to and including 30 June 2026. The ISDA SIMM methodology...
Moving Regulatory Reporting up a Gear with AI
The aim of derivatives regulatory reporting is to improve transparency so regulators can monitor market activity and identify emerging risks. Although reporting rules and subsequent updates have resulted in improvements, they haven’t achieved fully consistent outcomes, leading to implementation and...