On 1 April 2025, the European Central Bank issued an opinion on the proposed Regulation amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union.
The short opinion only contains general observations which include the ECB welcoming the proposed Regulation’s objective of reducing the maximum duration of the settlement cycle as
On 27 March 2025, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a joint consultation paper (CP), PRA CP5/25 and FCA CP25/5, on Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251.
Background
Under the onshored European Market Infrastructure Regulation, firms are required
The National Securities Clearing Corporation, a subsidiary of the Depository Trust & Clearing Corporation, will “increase clearing hours to support extended trading.”
The full update can be found here on our US Regulatory Intelligence platform.
On 18 March 2025, the draft Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025 (the draft Regulations) were published on legislation.gov.uk, along with a draft explanatory memorandum.
The draft Regulations relate to the temporary exemption which pension scheme arrangements (i.e. pension funds) currently have from the clearing obligation, which requires them to clear
On 17 March 2025, the European Securities and Markets Authority (ESMA) announced that it was prolonging the tiering determination decisions and recognition decisions for the three UK central counterparties (CCPs) that were adopted by the European Supervisory Authority on 25 September 2020. The application of the tiering determination decisions and recognition
On 14 March 2025, the European Banking Authority (EBA) issued a consultation paper containing draft Regulatory Technical Standards (RTS) on the determination of the threshold referred to in Article 54(5) of the Central Securities Depositories Regulation (CSDR) and accompanying appropriate risk management and accompanying prudential requirements to mitigate risks
On 5 March 2025, the European Banking Authority (EBA) issued a Discussion Paper on fees to be paid by financial and non-financial counterparties requiring the validation of pro forma models under the European Market Infrastructure Regulation (EMIR).
The European Commission previously issued a request for technical advice on a possible delegated
On 21 February 2025, the Financial Conduct Authority (FCA) published a speech by Mark Francis (Interim director of wholesale markets sell-side) entitled Our T+1 journey starts now.
Mr Francis warns that firms must now turn their attention to implementing the new T+1 requirement. All firms that participate in wholesale markets are likely to
On 20 February 2025, the Bank of England (BoE) published a speech by Sasha Mills (Executive Director, Financial Market Infrastructure) that covers the theme of post trade innovation and is entitled ‘Innovation in UK Financial Markets – shortening the settlement cycle’.
Before getting into some of the specificities, Ms Mills confirmed that the