The European Securities and Markets Authority (ESMA) has announced the launch of its first selection procedure for a consolidated tape provider (CTP) for over-the-counter (OTC) derivatives. ESMA encourages interested entities...more
The European Securities and Markets Authority (ESMA) has published its final report under the MiFIR Review on derivatives transparency, package orders, and the over-the-counter (OTC) derivatives consolidated tape input and...more
The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) have published a joint report reviewing the implementation of their margin requirements framework for...more
On 15 December 2025, an External Review Panel of the Determinations Committee of the International Swaps and Derivatives Association ("ISDA") delivered its determination of the first question referred to it by the committee...more
On 5 November 2025, HM Treasury (HMT) published a draft statutory instrument, the Over-the Counter-Derivatives (Intragroup Transactions) Regulations 2026 (draft SI), together with a policy note, and the UK Financial Conduct...more
The International Swaps and Derivatives Association, Inc. (ISDA) recently published version 2.0 of the 2002 Equity Derivatives Definitions (Versionable Edition) (Equity Definitions VE). For market participants who wish to...more
The European Systemic Risk Board (ESRB) has published a report analysing the credit default swaps (CDS) market, with a particular focus on single-name CDSs in terms of their market structure and current regulatory framework....more
The OTC Derivatives Risk Mitigation and Central Counterparties (Equivalence) (Switzerland) Regulations 2025 have been laid before Parliament and published with an explanatory memorandum. The Regulations, made on 16 July,...more
The UK FSMA 2000 (Markets in Financial Instruments) Amendment Regulations 2025 have been laid. The regulations extend the UK Financial Conduct Authority's (FCA) powers of direction to a new category of derivative, referred to...more
Commission Delegated Regulation (EU) 2025/1003 has been published in the Official Journal of the European Union (OJ), supplementing the EU Markets in Financial Instruments Regulation (MiFIR) as regards over-the-counter...more
The UK Financial Conduct Authority (FCA) has published Handbook Notice 129 which sets out changes to the classes of derivatives subject to the derivatives trading obligation (DTO), following policy statement PS25/2 published...more
The European Central Bank (ECB) has published the results of its latest survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives, with a press release. The survey...more
The Financial Markets Standards Board (FMSB) has published a spotlight review on ways to improve uncleared margin for OTC derivatives, along with a press release. It builds on findings from the Bank of England's Post-Trade...more
Le 25 juillet 2024, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié les modifications finales (les « modifications ») aux règles de déclaration des opérations sur dérivés de gré à gré applicables...more
On July 25, 2024, the Canadian Securities Administrators (CSA) published final amendments (Amendments) to the over-the-counter (OTC) derivatives trade reporting rules applicable in each province and territory (including OSC...more
The European Commission has published consultation for a draft Delegated Regulation supplementing the Markets in Financial Instruments Regulation as regards OTC derivatives identifying reference data to be used for the...more
In 2015, a policy framework on the margin requirements for non-centrally cleared over-the-counter derivatives (OTC Derivatives) transactions was published by the Basel Committee on Banking Supervision and the International...more
In July 2021, HM Treasury published the Wholesale Markets Review consultation (WMR), which included proposals to reform the U.K.’s secondary markets framework. There was broad support for reforms to (a) modify the ancillary...more
Of the many aims of the EU’s latest revisions to the European Market Infrastructure Regulation (EMIR), the most controversial and intensely debated is mandating clearing at EU CCPs. Since Brexit, the EU has been concerned...more
The securities regulatory authorities in all Canadian jurisdictions other than British Columbia recently published in final form Multilateral Instrument 93-101 Derivatives: Business Conduct (“MI 93-101”) and its companion...more
On December 4, 2023, the Commodity Futures Trading Commission (CFTC) issued proposed guidance relevant to “designated contract markets” (DCMs) and “swap execution facilities” (SEFs) as they develop standardized derivative...more
Contexte - Après un processus de consultation qui aura duré 10 ans, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié le Règlement 93-101 sur la conduite commerciale en dérivés (le « Règlement »),...more
Background - After a 10-year long consultation process, the Canadian Securities Administrators (CSA) have published Multilateral Instrument 93-101 – Derivatives: Business Conduct (Rule), a core regulation governing dealing...more
The Canadian Securities Administrators (CSA) announced that the regulatory authorities of each jurisdiction in Canada, except for British Columbia, have adopted Multilateral Instrument 93-101, entitled Derivatives—Business...more
Certain market participants in Ontario’s over-the-counter (OTC) derivatives market will be required to pay an Ontario Securities Commission (OSC) annual participation fee. Reduced fees for most existing fee payers will also...more