ISDA statement re: CFTC Commissioner Giancarlo’s White Paper on SEF Rules
“Commissioner Giancarlo’s paper is a constructive step forward in the ongoing discussion about the appropriate market structure for swaps and derivatives trading. Its proposals recognize the unique characteristics and importance of swaps, and seek to restore flexibility and choice in trade execution. The proposals would increase transparency, ensure the integrity of the swaps markets and enable derivatives users to more effectively hedge their business and financial risks.In addition, the principles-based approach to SEF rules espoused in Commissioner Giancarlo’s paper is consistent with that taken by the G-20 with regards to derivatives reform. This approach significantly advances the process of building a harmonized and consistent framework of rules for derivatives trade execution across borders, thereby avoiding market fragmentation.We remain hopeful that the Commission will revisit the SEF rules and look forward to reviewing and analyzing the paper in more detail.”
Latest
ISDA Responds to Bank of England Systemic Stablecoin Consultation
On February 10, 2026, ISDA responded to the Bank of England's consultation on a proposed regulatory regime for sterling-denominated systemic stablecoins, offering perspectives on the role such instruments could play in wholesale markets, including at financial market infrastructures. The letter...
SwapsInfo Full Year 2025 and Q4 2025
Trading activity in interest rate derivatives (IRD) and credit derivatives increased in 2025, reflecting shifting monetary policy expectations and broader market conditions. IRD traded notional rose by about 46% year-on-year, led by an increase in overnight index swaps (OIS). Index...
ISDA ALF: Katherine Tew Darras Opening Remarks
ISDA Annual Legal Forum London, February 11, 2026 Opening Remarks Katherine Tew Darras ISDA General Counsel Good morning and welcome to ISDA’s Annual Legal Forum. Thank you for joining us today and thanks to our platinum sponsors – Cleary...
Maintaining Focus on Basel III Endgame Recalibration
In its original form, the US Basel III endgame proposal would have resulted in disproportionate increases in capital for trading book activities, forcing banks to make difficult choices about their participation in certain businesses. After two-and-a-half years, a revised proposal...