On March 6, ISDA submitted a response to the UK Financial Conduct Authority’s (FCA) consultation on improving transparency for bond and derivatives markets. In the response, ISDA recommends the framework be calibrated to allow for longer deferrals for larger trades and smaller real-time size thresholds for sterling swaps to avoid adverse effects on pricing, which would be detrimental to UK markets and investors. The response also includes recommendations on the categorization of over-the-counter derivatives, the role of trading venues and the FCA in the calibration of transparency requirements, improvements to the fields and flags for post-trade reporting and the definition of a systematic internalizer.
Documents (1) for ISDA Response to FCA on Transparency in Derivatives Markets
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Joint Response to FCA and HMT Consultations
On January 16, ISDA and UK Finance responded to both the consultation on streamlining the UK European Market Infrastructure Regulation (UK EMIR) intragroup regime by the Financial Conduct Authority’s (FCA) and the draft statutory instrument from His Majesty’s Treasury (HMT)....
Key Trends in OTC Derivatives Market H1 2025
The latest data from the Bank for International Settlements (BIS) over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the first half of 2025 compared to the first half of 2024. Notional outstanding rose across...
Credit Derivatives Trading Activity Q3 2025
This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...
Striking a Balance on EU Market Risk Capital
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