Clearing and settlement

On 16 December 2025, the European Banking Authority (EBA) issued a Final Report 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 12 December 2025, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives. The report concludes that the framework has been effectively implemented and finds no evidence of material issues.

On 12 December 2025, the National Audit Office (NAO) released a report which examined how the Bank of England (BoE) managed the Real-Time Gross Settlement (RTGS) renewal programme to achieve a new system resilient to future developments and risks.

Background

In 2016, the BoE established the RTGS renewal programme…

On 27 November 2025, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) jointly published Policy Statement 23/25 – Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251 (PS23/25).

PS23/25 is relevant to those firms that are in scope of the margin requirements under the UK European…

On 7 November 2025, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published an implementation monitoring report on general business risks.

The report reviews the implementation of Principle 15 of the Principles for financial market infrastructures at a sample of 34 financial…

On 5 November 2025, the Financial Conduct Authority (FCA) published Consultation Paper 25/30: Streamlining the UK EMIR Intragroup Regime (CP25/30).

Background

The UK European Market Infrastructure Regulation (UK EMIR) provides exemptions from the clearing obligation and margin requirements for intragroup transactions, as long as they meet certain conditions.

Should…

On 29 October 2025, the European Commission (Commission) adopted a Commission Delegated Regulation supplementing the European Market Infrastructure Regulation with regard to regulatory technical standards (RTS) specifying the operational conditions, the representativeness obligation and the reporting requirements related to the active account requirement.

The Commission’s adoption of the Delegated Regulation follows…

On 14 October 2025, there was published in the Official Journal of the EU (OJ), Regulation (EU) 2025/2075 of 8 October 2025 amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union. The Regulation enters into force on the twentieth day following its publication in OJ (3 November 2025).  …