On September 30, ISDA responded to Financial Conduct Authority (FCA) consultation CP24/14 on the derivatives trading obligation (DTO) and post-trade risk reduction services (PTRRS). ISDA welcomes the proposals, which continue the reforms started in the Wholesale Markets Review.
In the response, ISDA highlights its support for including certain overnight index swaps based on the US Secured Overnight Financing Rate within the classes of derivatives subject to the DTO and expanding the list of PTRRS exempted from the DTO and other obligations. ISDA welcomes the fact that the FCA clarifies its plans on how it intends to use its powers to suspend or modify the DTO after the end of 2024. ISDA asks that the FCA provide the industry with sufficient implementation time for the changes proposed and provide flexibility for PTRRS to evolve.
Documents (1) for ISDA Response to UK FCA Consultation on DTO and PTRRS
Latest
Joint Response to 2026 US G-SIB Surcharge Proposal
On June 18, ISDA, the Securities Industry and Financial Markets Association and the Institute of International Finance submitted a joint response to US agencies on proposed changes to the surcharge for global systemically important banks (G-SIBs). The associations welcome the...
Eyeing the Basel III Finish Line
An effective regulatory capital framework relies on multiple ingredients, from appropriate drafting to rigorous testing and consultation. Even minor calibration distortions can inflate capital requirements, which could negatively affect the capacity of banks to support deep and liquid markets, with...
Joint Comment Letter on Basel III Endgame Proposal
The Institute of International Finance (IIF), the International Swaps and Derivatives Association, Inc. (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) today submitted a joint comment letter to the Board of Governors of the Federal Reserve System, the...
Joint Response to 2026 US Basel III Proposal
On June 18, ISDA, the Institute of International Finance and the Securities Industry and Financial Markets Association submitted a joint response to the 2026 US Basel III notice of proposed rulemaking (NPR). The response focuses on the Fundamental Review of...