Clearing and settlement

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 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 20 February 2025, the European Securities and Markets Authority (ESMA) issued draft technical standards on different aspects of the Central Securities Depositories Regulation (CSDR) Refit.

The draft technical standards are in the following final reports:

  • Draft technical standards amending Regulation (EU) 2017/392 and Regulation (EU) 2017/394 under CSDR on review
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On 13 February 2025, the European Securities and Markets Authority (ESMA) issued a consultation paper on amendments to the regulatory technical standards (RTS) on settlement discipline.

Background

The Central Securities Depositories Regulation (CSDR) Refit (Regulation 2023/2845) introduced certain amendments to Article 6(5) and 7(10) of the CSDR mandating ESMA…

On 7 February 2025, the European Securities and Markets Authority (ESMA) issued consultation papers on the following:

  • Consultation paper on the extensions of authorisation conditions and list of documents under the European Market Infrastructure Regulation (EMIR). This consultation paper presents the four draft Regulatory Technical Standards (RTS) that ESMA
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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 31 January 2025, the European Commission issued a press release stating that it had adopted a decision to extend the equivalence for UK central counterparties for a period of three years until 30 June 2028. The extension is designed to provide time for the implementation of the European Market Infrastructure Regulation 3. The decision…