Clearing and settlement

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

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

On 31 January 2025, the European Central Bank (ECB) issued FAQs on Initial Margin (IM) model approvals under the European Markets Infrastructure Regulation 3 (EMIR 3).

Among other things the FAQs deal with the following questions:

  • In light of the European Banking Authority (EBA) opinion on the

On 29 January 2025, the European Securities and Markets Authority (ESMA) issued a speech by Klaus Löber, Chair of the ESMA CCP Supervisory Committee, entitled Shaping the future of EU capital markets.

In his speech Mr Löber touches on ESMA’s work on implementing the European Market Infrastructure Regulation 3.

Key points include:

  • ESMA

On 28 January 2025, the European Securities and Markets Authority (ESMA) issued a Final Report which presents draft amendments to the regulatory technical standards (RTS) incorporated in Commission Delegated Regulation (EU) No 876/2013 on colleges for central counterparties.

The draft amendments concern only Member State competent authorities and do not impose

On 27 January 2025, the European Systemic Risk Board (ESRB) issued its response to the European Securities and Markets Authority’s earlier consultation on the conditions of the Active Account Requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3).

Among other things the ESRB believes that

On 24 January 2025, the Global Foreign Exchange Committee (GFXC) issued a press release announcing that it had completed its review of the FX Global Code (Code).

This latest version of the Code will supersede the July 2021 version. Updates have been made to five of the Code’s fifty-five principles to

On 17 December 2024, the European Securities and Markets Authority (ESMA) issued a Supervisory Briefing on central counterparties (CCPs) ongoing monitoring of operational capacity of clearing members under Article 37(2) of the European Market Infrastructure Regulation (EMIR).

The Supervisory Briefing is addressed to Member State competent authorities (NCAs

The Global Foreign Exchange Committee (GFXC) has issued a press release following its virtual meeting on 5–6 December 2024.

Among other things the press release notes that:

  • The GFXC considered the final version of the amendments to the FX Global Code (Code) and the GFXC membership expressed strong support for the