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
ISDA AGM Studio: David Bailey
David Bailey, executive director, prudential policy, at the Bank of England, speaks with ISDA CEO Scott O’Malia about the UK’s approach to Basel 3.1, the impact of the revised US Basel III endgame on cross‑border consistency and the role of the...
ISDA AGM Studio: Harleen Bains and Sonali Das Theisen
How have trading desks responding to increased market volatility this year? Harleen Bains, ISDA board member and head of global markets sales, Canada, at RBC Capital Markets, and Sonali Das Theisen, global head of FICC e‑trading and markets strategic investments...
ISDA AGM Studio: Scott O'Malia and Chris Edmonds
Christopher Edmonds, president, fixed income & data services, at Intercontinental Exchange, speaks with Scott O’Malia, ISDA CEO, about how market volatility, regulatory change and technological transformation are reshaping global markets. The discussion explores what recent volatility has meant for participation,...
ISDA AGM Studio: Bill Borden, Microsoft
Bill Borden, corporate vice president, worldwide financial services, at Microsoft, speaks with Mark New, ISDA’s co-head of digital transformation and senior counsel, about how artificial intelligence (AI) is shaping the future of financial markets and the key factors firms should...