ISDA and AFME Respond to PRA Consultation on Implementation of Basel Standards

On April 30, 2021, ISDA and the Association for Financial Markets in Europe (AFME) submitted a joint response to the Prudential Regulatory Authority (PRA) on its consultation on implementation of Basel standards.

The paper sets out the PRA’s proposed rules to implement – through a new PRA Capital Requirements Regulation (CRR) – those parts of the international standards that remain to be implemented in the UK. The paper sets out the proposed new PRA CRR rules in full, including parts of the onshored CRR that are not changing and so are not part of the consultation.

The industry appreciates the objective of the consultation is to leverage the existing regulations now entered into force in the EU. However, there are matters that we believe should be addressed to prevent significant impacts on capital requirements for specific product and risk categories, which could negatively affect the UK’s attractiveness as a venue for global derivatives activity. Furthermore, the industry argues for standards that, although aligned globally, should allow for targeted UK adaptations and improvements where necessary.

Documents (1) for ISDA and AFME Respond to PRA Consultation on Implementation of Basel Standards

SwapsInfo H1 2025 and Q2 2025

Interest rate derivatives (IRD) trading activity increased in the first half of 2025, driven by continued interest rate volatility, evolving central bank policy expectations and persistent macroeconomic uncertainty. Trading in index credit derivatives also rose, as market participants responded to...

ISDA Response to IFSCA Consultation

On August 5, ISDA responded to the International Financial Services Centres Authority’s (IFSCA) consultation on reporting and clearing of over-the-counter (OTC) derivatives contracts booked in International Financial Services Centres (IFSC). In the response, ISDA provided the following recommendations: Not mandating...