On February 19, ISDA submitted a response to a consultation from the Bank of England (BoE) on a proposal to introduce a set of rules for UK financial market infrastructures (FMIs), including central counterparties (CCPs).
In the response, ISDA expresses its support for the proposed fundamental rules (FRs). ISDA would encourage further references to transparency throughout the rules. ISDA believes transparency should be one of the guiding principles that CCPs should follow in the conduct of their business, and this could be reflected under FR 1, 2 and/or 3. ISDA would also welcome further references to transparency in relation to FR 9, in the context of operational resilience, given that market participants do require adequate information on CCPs’ operational resiliency to perform their third-party risk assessments.
ISDA also appreciates the addition of FR 10, which recognizes the specific nature of CCPs by requiring them to identify, assess and manage the risks that their operations could pose to the stability of the financial system. ISDA believes the outcome of the assessment should also be shared with CCPs’ participants, which would then be able to factor this into their own risk management.
Click on the link to read the full response to the BoE consultation.
Documents (1) for ISDA Responds to BoE Consultation on Fundamental Rules for FMIs
Latest
ISDA, FIA and SIFMA Letter on Sunset of Swaps LTR Rules (Part 20)
On May 20, 2026, ISDA, FIA and SIFMA submitted a joint letter to U.S. Commodity Futures Trading Commission (CFTC) to request the CFTC to sunset large trader reporting rules (LTR) rules for physical commodity swaps pursuant to Regulation 20.9.
ISDA-SIFMA Letter – CFTC-SEC Harmonization
On May 19, 2026, ISDA and SIFMA submitted a joint letter to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on SEC and CFTC harmonization, as part of the agencies’ Joint Harmonization Initiative which...
ISDA AGM Studio: Jim Byrd, RBC Capital Markets
Jim Byrd, global head, macro products, at RBC Capital Markets, joins the ISDA AGM studio to discuss the main risks and opportunities in the current trading environment and what needs to be done to avoid liquidity squeezes during periods of...
ISDA AGM Studio: Michelle Beck, FCA
Michelle Beck, director for wholesale buy‑side oversight at the Financial Conduct Authority, speaks with ISDA’s global head of public policy, Steven Kennedy, about the regulatory approach to systemic risk in non‑bank financial intermediation after a panel discussion on how robust...