Trade Associations Send MIFIR Letter to ESMA

ISDA, AFME and GFXD have sent a letter to the European Securities and Markets Authority (ESMA) laying out some key outstanding uncertainties in the Markets In Financial Instruments Regulation (MIFIR) post-trade transparency framework for investment firms from an over-the-counter derivatives perspective. This concerns are in addition to the uncertainty around the acceptable trading protocols for package orders containing a component subject to the trading obligation, and the territorial scope of MIFIR obligations, which ESMA are understood to be currently considering.

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Response to EC Consultation on MICA Review

On September 29, ISDA responded to the European Commission’s (EC) targeted consultation on the review of the Markets in Crypto-Assets Regulation (MICA). ISDA’s response focuses on tokenization in over-the-counter derivatives and collateral markets. It argues that tokenized collateral can enable...

2026 FX Definitions: Act Now

On November 22, 2027, the 2026 FX Definitions will come into effect. From that point, these definitions will become the market standard for all cleared and new non-cleared FX derivatives, and the Swift messaging service will halt its support of...