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
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 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
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 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
On 5 February 2025, the Financial Conduct Authority (FCA) published a policy statement, PS25/1, on reforming the commodity derivatives regulatory framework.
Background
The FCA published its proposals in consultation paper CP23/27, published in December 2023, which covered the key pillars of the commodity derivatives regulatory regime, i.e. position limits, exemptions from those
In this latest episode of our podcast series, Split the Difference, Hannah Meakin, Floortje Nagelkerke, Anna Carrier, Lucy Dodson and Simon Lovegrove look ahead at some of the key regulatory topics impacting institutions in the markets space in both the UK and the EU during 2025.
The podcast is here.
On 28 January 2025, the Prudential Regulation Authority (PRA) published a speech on prime brokerage, which was delivered by its Executive Director for Authorisations, Regulatory Technology and International Supervision, Rebecca Jackson.
The speech discusses the growth of prime brokers and the PRA’s expectations of them, emphasising the importance of liquidity risk, operational