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
Response to Voluntary Carbon Markets Consultation
On July 10, ISDA responded to the UK government’s consultation on voluntary carbon and nature markets. The UK should continue to play a leading role in promoting the consistent legal treatment of carbon credits internationally, with the development of global...
ISDA Response – ROC Consultation on Revised CDE Version 4
The International Swaps and Derivatives Association, Inc. (ISDA) response to the Regulatory Oversight Committee (ROC) consultation on the harmonisation of critical OTC derivatives data elements (CDE) revised CDE Technical Guidance – version 4, submitted to the ROC on January 24,...
ISDA response to ESMA MiFIR Review Consultation
On July 11, ISDA submitted a response to the European Securities and Markets Authority's (ESMA) fourth package of Level 2 consultation under the Markets in Financial Instruments Regulation Review (MiFIR), on transparency for derivatives, package orders and input/output data for...
Canadian Transaction Reporting Party Requirements
These Reporting Party Requirements establish the hierarchy and tie-breaker logic to determine a single reporting counterparty for Canadian provincial reporting. By leveraging the existing reporting party standard established for reporting to the CFTC, in most cases these rules facilitate submission...