On September 24, 2021, ISDA submitted a response to HM Treasury on the Wholesale Markets Review (WMR). The WMR is a welcome opportunity to tailor the UK’s revised Markets in Financial Instruments Directive (MIFID II)/Markets in Financial Instruments Regulation (MIFIR) framework to the UK market, and ISDA members support a large majority of the proposals. However, ISDA has proposed several key changes, including recalibrating the transparency regime for derivatives markets, with the aim of achieving greater, more meaningful transparency in the UK. ISDA welcomes HM Treasury’s proposals that all post-trade risk reduction services should be exempt from the derivatives trading obligation and the scope of the derivatives trading obligation and clearing obligation should be realigned. ISDA also welcomes HM Treasury’s proposals to simplify and improve the systematic internalizer regime.
HM Treasury and the UK Financial Conduct Authority will discuss the next steps at ISDA’s MIFID II conference on September 29.
Documents (1) for ISDA Responds to HM Treasury on Wholesale Market Review
Latest
Climate Risk Scenario Analysis Phase 4
Climate scenario analysis has become a useful tool for banks and financial institutions to understand the short- and long-term financial risks associated with climate change, particularly in light of evolving regulations and an increased emphasis on reducing the impact of...
ISDA & EMTA Market Practice 45
ISDA & EMTA jointly published the attached updated market practice regarding the determination of barrier events for Brazilian Real non-deliverable continuously monitored barrier option transactions.
Episode 54: A Modernization Agenda
ISDA’s chair Amy Hong sets out priorities for the association in 2026 and the important role that technologies like tokenization and artificial intelligence will play in modernizing derivatives markets. Please view this page via Chrome to access the recording.
Developing OTC Commodity Derivatives in India
The development of a robust and liquid over-the-counter (OTC) commodity derivatives market in India could support the continued growth of India’s economy given its significant reliance on commodities. A well-functioning OTC market in India would offer several advantages. First, it...