On April 29, 2022, ISDA responded to the European Securities and Markets Authority’s (ESMA) consultation on the trading venue perimeter, with the aim of clarifying the meaning of multilateral systems under the Markets in Financial Instruments Directive /Markets in Financial Instruments Regulation. In its response, ISDA highlights the need to differentiate between systems allowing for multiple bilateral interactions, such as communication platforms and multilateral systems that set the rules of trading and should be required to have trading venue authorization.
Documents (1) for ISDA Responds to ESMA’s Draft Opinion on the Trading Venue Perimeter
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ISDA Omnibus Canadian Representation Letter
On September 2, 2026, ISDA published the Omnibus Canadian Representation Letter (the “Omnibus Canadian Letter”), which combines previously published representation letters drafted to assist firms in compliance with Canadian trade reporting, business conduct, regulatory margin and clearing classification rules. The...
ISDA-FIA Letter re CFTC-SEC X Margin/Port Margin
On August 31, ISDA and the Futures Industry Association (FIA) submitted a letter to the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) on the agencies' Joint Request for Comment on Further Implementation of...
Accounting for Carbon Credits: Latest Developments
This paper updates and extends the analysis set out in ISDA’s October 2023 paper on accounting for carbon credits. While preserving the original focus on the accounting treatment of voluntary carbon credits (VCCs) and compliance carbon credits (CCCs), it expands...
Response to SEC on FICC Guaranty Fund
On September 1, ISDA and FIA submitted a joint response to the US Securities and Exchange Commission (SEC), supporting the Fixed Income Clearing Corporation’s (FICC) proposal to establish a dedicated guaranty fund at its government securities division (GSD). FICC had...