On December 22, 2022, ISDA CEO Scott O’Malia sent a letter and accompanying note to HM Treasury, the Financial Conduct Authority and the Bank of England with recommendations to reform the UK European Market Infrastructure Regulation intragroup transaction exemption and the equity options exemption for variation margin and initial margin.
ISDA proposes that there should be permanent intragroup exemptions from margin and clearing requirements for over-the-counter derivatives between UK and non-UK group companies, which do not depend on equivalence determinations in respect of non-UK countries. The note presents a set of reforms that would give the industry clarity and would remove a cliff edge for some firms at the end of 2023. The letter also urges UK authorities to permanently exempt single-stock options and equity index options from margin requirements, and to communicate plans early to firms that otherwise face an uncertain implementation period.
Documents (2) for ISDA Letter on Reform of UK EMIR
Latest
U.S. Federal Holidays on December 24 and 26, 2025
Pursuant to an Executive Order of the President of the United States, December 24 and December 26 have been designated as federal holidays for U.S. federal government purposes. The designation of such dates as U.S. federal holidays is not expected to affect...
ISDA Publishes SPS Matrix Version 1.02
On December 19, 2025, ISDA published an updated version (v1.02) of the ISDA Digital Asset Derivative Definitions Settlement Price Source Matrix (‘SPS Matrix”). The SPS Matrix contains a list of Settlement Price Sources (SPSs) and related terms that parties can...
From Milestone to Modernization
We’re coming to the end of an exceptionally busy year at ISDA, in which we celebrated our 40th anniversary and doubled down on our enduring commitment to safe and efficient derivatives markets. Reflecting on ISDA’s achievements since 1985, it’s clear...
Response on ASIC Derivative Transaction Rules
On December 3, ISDA submitted a response to the Australian Securities and Investments Commission (ASIC) consultation on the remake of the ASIC Derivative Transaction Rules (Clearing) 2015, which are due to sunset on April 1, 2026. ASIC proposed to remake...