On April 2, ISDA, the Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) published an update to a paper, originally published in October 2025, on the practical implications of the systematic internalizer (SI) regime for derivatives, bonds and other non-equity financial instruments in the EU and UK.
The SI regime was removed in the EU in September 2025, and the remaining elements of the regime were removed in the UK on March 27, 2026. As a result, the associations have updated the paper, which shows that the impact of the removal of the regime has been minimal and is expected to remain so.
Documents (1) for ISDA, AFME and ICMA Publish Paper on Removal of SI Regime for Derivatives and Bonds in the UK
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