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
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