On February 20, ISDA submitted a response to the Financial Conduct Authority’s (FCA) consultation paper CP25/32 on Improving the UK transaction reporting regime.
The consultation aims to “reduce the regulatory burden on firms, support sustained economic growth in the UK, enhance our ability to fight financial crime and protect market integrity”, with ISDA supporting several of the proposals including the removal of FX derivatives and transaction executed on EU trading venues from the scope, reducing the back reporting period from five years to three years (although ISDA argue to go further still and reduce it to two years), and a reduction in the number of reportable fields.
ISDA argue against the introduction of conditional single-sided reporting and propose that the UPI replaces the OTC ISIN as the OTC derivatives identifier.
The FCA will now produce a Policy Statement for the MiFIR transaction reporting changes, which is expected to be publishing summer 2026.
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ISDA Responds to FCA Consultation on Improving UK MiFIR Transaction Reporting Regime
On February 20, ISDA submitted a response to the Financial Conduct Authority’s (FCA) consultation paper CP25/32 on Improving the UK transaction reporting regime. The consultation aims to “reduce the regulatory burden on firms, support sustained economic growth in the UK, enhance our...
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