On 20 May 2025, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation to shorten the settlement cycle in the EU through an amendment to the Central Securities Depositories Regulation. The final text of the proposed Regulation will have to be
On 7 May 2025, the Council of the EU issued a press release stating that Member States’ representatives had approved its position on a European Commission proposal to shorten the settlement period for transactions in transferable securities. Among other things the Council amended the Commission’s proposal by exempting securities financing transactions from the settlement cycle
On 28 April 2025, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions (CPMI-IOSCO) issued a report ‘Implementation monitoring of PFMI: Level 2 assessment report for the EU – PSs and CSDs / SSSs’. The report presents CPMI-IOSCO’s assessment of whether, and to what degree, the contents
On 25 April 2025, the Bank of England (BoE) published the key elements of its 2025 stress test of UK central counterparties (CCPs).
Testing
The 2025 CCP stress test will focus on assessing the resilience of UK CCPs to the default of two or more of its members during a severe
On 9 April 2025, the European Parliament published a draft report from the Committee on Economic and Monetary Affairs (ECON) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union. Among other things the Rapporteur welcomes this
On 8 April 2025, the European Securities and Markets Authority (ESMA) issued a consultation paper setting out draft regulatory technical standards (RTS) amending the RTS on the clearing thresholds under the European Markets Infrastructure Regulation (EMIR).
Background
Regulation (EU) 2024/2987 amended EMIR and in particular modified the clearing thresholds
In the latest episode of our podcast series, Split the Difference, Hannah Meakin, Floortje Nagelkerke, Anna Carrier, Lucy Dodson and Anita Edwards discuss upcoming and potential reforms to the commodity derivatives regulatory framework in the UK and EU.
Listen to the episode here.
On 3 April 2025, the Financial Conduct Authority (FCA) published a policy statement, PS25/2, on the derivatives trading obligation (DTO) and post-trade risk reduction (PTRR) services.
Background
In July 2024, the FCA consulted (in CP24/14) on proposed changes to the scope of the DTO and the framework
On 2 April 2025, the European Securities and Markets Authority (ESMA) published its latest annual review of EU central counterparty (CCP) supervision.
The peer review focuses on the effectiveness of Member State competent authorities’ (NCAs) supervisory practices in assessing CCP compliance with the European Market Infrastructure Regulation (EMIR