On September 30, ISDA responded to Financial Conduct Authority (FCA) consultation CP24/14 on the derivatives trading obligation (DTO) and post-trade risk reduction services (PTRRS). ISDA welcomes the proposals, which continue the reforms started in the Wholesale Markets Review.
In the response, ISDA highlights its support for including certain overnight index swaps based on the US Secured Overnight Financing Rate within the classes of derivatives subject to the DTO and expanding the list of PTRRS exempted from the DTO and other obligations. ISDA welcomes the fact that the FCA clarifies its plans on how it intends to use its powers to suspend or modify the DTO after the end of 2024. ISDA asks that the FCA provide the industry with sufficient implementation time for the changes proposed and provide flexibility for PTRRS to evolve.
Documents (1) for ISDA Response to UK FCA Consultation on DTO and PTRRS
Latest
Paper on Proposal 6 on Margin Transparency
On November 16, ISDA published a document that looked at proposal 6 in the final Basel Committee on Banking Supervision (BCBS), Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO) report on margin transparency. Proposal...
Tender Issued for DC Administrator Role
ISDA and the Credit Derivatives Governance Committee have issued an invitation to tender for an independent regulated entity to serve as the administrator for the Credit Derivatives Determinations Committees (DCs), which includes assuming the role of DC secretary. The DC...
ISDA SIMM: The Standard for IM Calculations
The ISDA Standard Initial Margin Model (ISDA SIMM) plays an important role in ensuring margin calculations are consistent, transparent and aligned with global best practices and regulatory requirements. Since its launch in 2016, the model has been rigorously tested, regularly...
ISDA In Review – October 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in October 2025.