ISDA Response to UK FCA Consultation on DTO and PTRRS

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

ISDA Response on Clearing Costs

On September 8, ISDA responded to consultation by the European Securities and Markets Authority (ESMA) on a draft regulatory technical standard on clearing fees and associated costs (article 7c(4) of the European Market Infrastructure Regulation (EMIR)). In the response, ISDA...

ISDA Response on Margin Transparency

On September 8, ISDA responded to a consultation by the European Securities and Markets Authority (ESMA) on a draft regulatory technical standard under the European Market Infrastructure Regulation (EMIR 3.0) on margin transparency requirements. ISDA’s members are supportive of margin...

Paper on Liquidity Assessment for Single-name CDS

On September 5, ISDA submitted a paper to the European Securities and Markets Authority (ESMA) and the European Commission in support of its earlier response to ESMA’s Markets in Financial Instruments Regulation (MIFIR) review consultation package 4 (CP4) on transparency...

Response to EC on Delegated Regulation

On September 4, ISDA responded to the European Commission’s (EC) consultation on amendments to delegated regulation (EU) 2017.567. The key area of interest for ISDA was the proposed insertion of a new article 16a that establishes what constitutes a post-trade...