On September 16, 2022, ISDA submitted a response to the Financial Conduct Authority’s (FCA) consultation on improving equity secondary markets (CP22/12). Although the focus of the consultation was primarily on equity markets, the FCA was also consulting on introducing a designated reporter regime for all asset classes, including derivatives. ISDA endorses the responses by the Association for Financial Markets in Europe and UK Finance, and all associations support the creation of this regime at asset-class level. The new regime is designed to allocate the obligation to report trades to the public to sell-side firms.