Clearing and settlement

On 12 June 2024, the European Commission (Commission) issued a consultation on a draft delegated regulation that sets out identifying reference data to be used with regard to over-the-counter (OTC) interest rate swaps and OTC credit default swaps for the purposes of the transparency requirements laid down in Article 8a(2), and

On 23 May 2024, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) published its work programme and strategic priorities for 2024-2025.

The programme’s key themes are:

  • Risk management of financial market infrastructures (FMIs).
  • Enhancement of cross border payments.
  • Digital innovation in payments.
  • Clearing and settlement.


On 25 April 2024, the Financial Stability Board (FSB) issued a report on financial resources and tools for central counterparty (CCP) resolution.

In the report, which incorporates feedback from a public consultation, the FSB identifies a toolbox approach as an effective means for resolution authorities to support CCP resolution. In

On 25 April 2024, the European Parliament issued a press release stating that it had adopted the text of a proposed Regulation amending the European Market Infrastructure Regulation as regards measures to mitigate excessive exposures to third country central counterparties (CCPs) and improve the efficiency of EU clearing markets (EMIR 3).

On 24 April 2024, the European Securities and Markets Authority (ESMA) published a follow up report which sets out the main outcomes of the global central counterparty (CCP) fire drill that took place during the week starting 13 November 2023. The exercise involved over 30 global CCPs running a simulation of

On 11 April 2024, the European Securities and Markets Authority (ESMA) published a Follow-up Report to the Peer Review into supervisory actions aiming at enhancing the quality of data reported under the European Market Infrastructure Regulation (EMIR). The follow up updates on the actions that Member State competent authorities (NCAs

On 4 April 2024, the International Organisation for Securities Commissions (IOSCO) published a Consultation Report titled Evolution in the Operation, Governance and Business Models of Exchanges: Regulatory Implications and Good Practices.

The Consultation Report analyses the structural and organisational changes within exchanges. It primarily focuses on business models and ownership structures. Importantly, it

On 27 March 2024, the European Securities and Markets Authority (ESMA) published a statement on deprioritising supervisory actions linked to the clearing obligation for third-country pension scheme arrangements (TC PSA), pending the finalisation of the review of the European Market Infrastructure Regulation (EMIR).  The Council of the EU and

On 21 March 2024, the European Securities and Markets Authority (ESMA) published a Feedback Statement received to its October 2023 Call for Evidence on shortening the settlement cycle.

Regulation (EU) 2023/2845 (CSDR Refit) mandates ESMA to submit to the European Commission (Commission) by 17 January 2025 a report on

Our podcast series Split the difference explores divergence between the EU and UK regulatory regimes in the markets space. In the latest episode, Hannah Meakin, Anna Carrier, Georgia Karamani, Floortje Nagelkerke and Simon Lovegrove explore EMIR 3.0 and how the proposed new rules compare with the UK regime.