On November 17, ISDA responded to a joint Bank of England/Prudential Regulation Authority (PRA) consultation paper on UK withdrawal from the EU and changes before the end of the transition period.
In the response, ISDA asks the PRA to retain the existing scope of qualifying indices for the purposes of detailed rules on liquidity horizons in the new market risk rules on the Fundamental Review of the Trading Book. In relation to the binding technical standards on risk-mitigation techniques, the response calls for the PRA to clarify the position regarding UK phase-in of phases five and six of the initial margin requirements, and raises concerns about the operation of the exemption for intragroup transactions. ISDA welcomes the transitional relief that permits firms subject to the UK margin requirements to continue to accept European Economic Area UCITS as initial margin until March 31, 2022. However, we believe this permission should be permanent.
Documents (1) for ISDA Response to PRA Consultation on Withdrawal from the EU
Latest
Future Path - IQ December 2025
At the start of ISDA’s 40th anniversary year, IQ convened the pioneers of the association to reflect on how a desperate need for standardization in the early days of the derivatives market brought dealers together to develop a dictionary of...
Steps to a Vibrant Derivatives Market: SOM Remarks
Steps to a Vibrant and Resilient Derivatives Market December 4, 2025 Remarks at the Mediterranean Partnership of Securities Regulators Scott O’Malia ISDA Chief Executive Officer Good afternoon and thank you to the Mediterranean Partnership of Securities Regulators (MPSR) for...
ISDA Response to BoE on Gilt Market Resilience
On November 28, ISDA responded to the Bank of England’s discussion paper on gilt market resilience. ISDA encourages the Bank of England, before introducing any significant policy changes that would affect the functioning of the gilt repo market, to consider...
Addressing Termination Troubles
When Enron announced a shock $618 million loss on October 16, 2001, it took a further 47 days until it filed for bankruptcy. For Bear Stearns, it took 266 days between its bailout of a structured credit fund run by...