On August 28, ISDA and FIA submitted a joint response to the Financial Conduct Authority’s (FCA) consultation paper CP25/19 on the ancillary activities test to determine if commercial users or producers of commodities that trade in commodity derivatives, emission allowances or derivatives of emission allowances can benefit from the ancillary activities exemption from the need to seek authorization as an investment firm.
A key concern in the consultation paper was a proposal to include trading venue activity in the de minimis (annual threshold) test. ISDA and FIA argued strongly against this proposal, on the grounds it could diminish the international competitiveness of the UK commodity derivatives market, would add complexity and burden to firms applying the test and risks changing the outcome of the test, which the FCA stated was not the intention.
Documents (1) for Joint Response to FCA Consultation on Ancillary Activities Test for Commodity Derivatives Trading
Latest
ISDA ALF: Katherine Tew Darras Opening Remarks
ISDA Annual Legal Forum New York, October 28, 2025 Opening Remarks Katherine Tew Darras ISDA General Counsel Good morning and welcome to the Annual Legal Forum here in New York. Thank you for joining us today and thanks to...
ISDA 2025 – 2002 Equity Derivatives Definitions (Versionable Edition) Protocol Opens for General Adherence
ISDA has opened the general adherence phase for the ISDA 2025 – 2002 Equity Derivatives Definitions (Versionable Edition) Protocol. The protocol enables adherents to amend the terms of their equity derivatives master confirmation agreements to incorporate the 2002 ISDA Equity...
ISDA Comment on ICC Application as Clearing Agency
On October 6 ISDA submitted a comment letter to the Securities and Exchange Commission in response to the ICE Clear Credit (“ICC”) application for registration as a clearing agency under Section 17A of the Securities Exchange Act of 1934, including...
Paper on Enhancing Liquidity and Risk Management
As ISDA marks its 40th anniversary this year, it is an opportune time to reflect on the challenges and opportunities faced by the global derivatives markets over the past four decades. Rapid growth, continued innovation, regulatory reform, central clearing, margining,...