ISDA, GFXD Respond to FCA on SI Regime for Derivatives and Bonds

On September 10, ISDA and the Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association responded to the Financial Conduct Authority’s (FCA) consultation paper CP25/20 on the systematic internalizer (SI) regime for derivatives and bonds.

ISDA and the GFXD support the FCA’s proposal to remove the SI regime for derivatives and bonds, and also recommend measures to address some side effects of implementing the proposal.

The consultation paper also contained a discussion paper on equity transparency and market structure, which in part contemplated bringing equity derivatives into the scope of cash equity transparency. ISDA and the GFXD strongly disagree that this is either necessary or desirable.

Documents (1) for ISDA, GFXD Respond to FCA on SI Regime for Derivatives and Bonds

A Path to Greater CFTC-SEC Alignment

Earlier this week, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) held a roundtable on regulatory harmonization – an initiative we wholeheartedly support. The US regulatory framework has evolved over time to facilitate financial markets...

Working Towards Tokenized Collateral

One of the lessons learned from recent market shocks – including the 2020 dash for cash and the UK gilt market crisis in 2022 – is that when volatility strikes and market participants must suddenly generate large amounts of cash...