On 8 October 2025, the Bank of England (BoE) published a speech by Sasha Mills (Executive Director, Financial Market Infrastructure) entitled From new ideas to new market structures, how innovation is reshaping the financial system. In this speech, Sasha Mills explores how emerging ideas and technologies – such as distributed ledgers –
On 30 September 2025, the Financial Conduct Authority (FCA) published the latest issue of Market Watch, its newsletter on market conduct, transaction reporting issues and UK European Market Infrastructure Regulation (EMIR) reporting.
Background
Last September, the FCA and the Bank of England (BoE) made changes to the UK
On 25 September 2025, the European Securities and Markets Authority (ESMA) published updated reporting instructions and XML schema (version 1.2.0) for the weekly reporting of commodity derivatives positions under the Markets in Financial Instruments Directive II, reflecting the changes from the latest review. ESMA will start applying the new XML schema and reporting
On 25 September 2025, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2025/1493 of 11 June 2025 amending Commission Delegated Regulation (EU) No 876/2013 supplementing the European Markets Infrastructure Regulation as regards changes to the functioning and management of colleges for central counterparties.
Our earlier blog
On 17 September 2025, the Council of the EU (Council) published the text of a draft Regulation amending the Central Securities Depositories Regulation (CSDR) to shorten the mandatory settlement cycle for most securities traded on EU trading venues from two business days (T+2) to no later than one business day after
On 17 September 2025, The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2025 were made together with an explanatory memorandum.
The Regulations extend the temporary recognition regime for overseas central counterparties (CCPs) by 12 months, so that the expiry date is delayed until 31 December 2027. It also extends the transitional regime
On 8 August 2025, the Financial Conduct Authority (FCA) issued its latest consultation on additional draft Q&As on the derivative reporting requirements under the UK European Markets Infrastructure Regulation (UK EMIR). The Bank of England (BoE) has also issued a consultation on the draft Q&As.
The draft Q&As cover
On 8 August 2025, the Bank of England (BoE) issued a Policy Statement ‘Amendments to the UK EMIR Trade Repository reporting requirements: August 2025’.
Background
The BoE and the Financial Conduct Authority (FCA) share supervisory responsibilities for the UK European Markets Infrastructure Regulation (UK EMIR) derivatives reporting obligation.
On 21 July 2025, the OTC Derivatives Risk Mitigation and Central Counterparties (Equivalence) (Switzerland) Regulations 2025 were laid before Parliament. An explanatory memorandum has also been published. These Regulations come into force on 1 January 2026 and set out HM Treasury’s determinations that Switzerland’s regulatory and supervisory regimes for risk mitigation for over-the-counter derivative contracts
On 18 July 2025, the Bank of England (BoE) published various papers concerning financial market infrastructure.
BoE Policy Statement ‘Fundamental Rules for Financial Market Infrastructures’
The BoE has published a Policy Statement setting out its Fundamental Rules for Financial Market Infrastructures. The final policy takes effect on 18 July 2026.
The Policy Statement