ISDA and FIA Respond to ESMA’s Consultations on Guidelines in Relation to CCP R&R Regulation

On May 19, ESMA published four consultations on proposed guidelines for the EU central counterparty resolution regime (CCPRRR).

ISDA and the Futures Industry Association (FIA) responded to three of these four consultations:

  • Consultation on Guidelines Template Summary Resolution Plans Article 12(7)(a)
  • Consultation on Art 79 CCPRRR Cooperation Arrangements
  • Consultation on Guidelines Resolvability -Annex Section C Article 15(5) CCPRRR

The Associations generally agree with the proposals in the consultations and make mostly technical proposals.

Global FX Derivatives Market Overview

Global FX derivatives average daily turnover reached $6.6 trillion in April 2025, roughly double its level in April 2013. While FX swaps remain the largest segment in absolute terms, recent growth has been driven by outright forwards and FX options,...

Safe, Efficient Markets for SFTs

Securities financing transactions (SFTs) – including repurchase agreements (repo), securities lending, buy/sell backs and margin lending – are foundational to the functioning of modern financial markets. They support the day-to-day distribution of liquidity, enable collateral to move efficiently across cash...

ISDA Recommendations to Simplify EU Regulation

On March 9, ISDA submitted a paper to the European Commission setting out focused proposals to improve the functioning of the EU regulatory framework for derivatives. The paper comprises eight targeted recommendations to simplify selected Level 1 provisions in a...