On March 19, ISDA responded to Chapter 3 of the UK Financial Conduct Authority’s (FCA) Quarterly Consultation CP26/8 on transparency requirements for financial instruments under Market Conduct Sourcebook (MAR) 11.
Sections 3.11-3.13 of the consultation paper explain a discrepancy between the over-the-counter derivatives in scope of public transparency and the Classification of Financial Instruments (CFI) codes permissible when making trades transparent, and propose a change to Note 1 of Annex 1 of MAR 11 to resolve that discrepancy.
The related question (Q3.3) asks respondents if they agree with the proposed change. ISDA members identified this discrepancy after the FCA’s policy statement PS 24/14 was published, and the FCA’s proposed change mirrors the solution ISDA suggested to the FCA at that time. ISDA’s response therefore supports the change proposed by the FCA.
Documents (1) for ISDA Responds to FCA CP26/8 on CFI Codes for Derivatives Transparency
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