On July 23, 2021, ISDA and the Futures Industry Association (FIA) submitted a joint response to the European Securities and Markets Authority’s (ESMA) consultation on technical standards (draft RTS 21 and ITS 4) for commodity derivatives, following announced changes to the position limits regime as part of the revised Markets in Financial Instruments Directive’s ‘quick fix’, which will apply from February 28, 2022.
While members are largely supportive of draft RTS 21 and ITS 4 and believe they will improve the position limits regime, there are some areas of concern. These include ESMA’s proposals relating to a scenario where deliverable supply is substantially higher than open interest, and proposals relating to position management, which the associations believe would benefit greatly from increased flexibility for trading venues to avoid a substantial burden on both the venues and market participants.
Documents (1) for ISDA Response to ESMA on Technical Standards for Commodity Derivatives
Latest
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...
ISDA Response to BIS on Tokenization
On July 30, ISDA submitted a response to a Bank for International Settlements (BIS) consultation on leveraging tokenization for payments and financial transactions. In the response, ISDA focused on the legal, regulatory and documentation issues relevant to the derivatives market,...
ISDA In Review – July 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in July 2025.