On 18 July 2025, HM Treasury published correspondence between the Chancellor of the Exchequer and the Governor of the Bank of England regarding the remit and recommendations for the Financial Market Infrastructure Committee.
On 10 June 2025, the Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025 were made together with an explanatory memorandum.
These Regulations come into force on 11 June 2025.
These Regulations relate to the temporary exemption which pension scheme arrangements, or ‘pension funds’, currently have from the obligation to clear certain derivative contracts through
On 6 June 2025, the Bank of England (BoE) and the Financial Conduct Authority (FCA) jointly issued a consultation paper setting out minor changes to the UK European Markets Infrastructure Regulation (UK EMIR) reporting regime to make it work more smoothly.
Background
The BoE and the FCA share supervisory
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