EPTA News
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FIA EPTA response to the FCA Consultation on Improving transparency for bond and derivatives markets (FCA CP 23/32)
FIA EPTA welcomes the FCA’s proposals on improving bonds and derivatives transparency. Our members are very supportive of both the ambition and simplicity shown regarding both pre-trade and post-trade transparency. A less complex regime will be easier for firms and trading venues to comply with and administer and above all will make UK capital markets more attractive. The inclusion of sovereign bonds in this ambitious framework is a particularly innovative step and will support the growth and competitiveness of UK capital markets with tangible benefits to the real economy.
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FIA EPTA Public Comment on IOSCO’s Consultation Report on Market Outages
FIA EPTA members welcome the opportunity to respond to IOSCO’s consultation on market outages and are supportive of the work being done on this topic, particularly efforts to require trading venues to publish clear comprehensive outages plans on an ex-ante basis. Market resilience is at the core of efficient and competitive financial markets and it is imperative that trading venues clearly outline a well-planned approach to communication and management in the event of a market outage to provide certainty to market participants.
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FIA EPTA Response to ESMA’s Consultation Paper on Technical Advice on the CSDR Penalty Mechanism
FIA EPTA members are supportive of effective measures to improve settlement discipline and efficiency in Europe, particularly in light of discussions concerning shortening settlement cycles. However, we urge ESMA to further consider their proposals put forward in the Consultation Paper on Technical Advice on the CSDR Penalty Mechanism, particularly regarding application of progressive penalty rates.
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FIA EPTA response to FCA CP23/27 on reforming the commodity derivatives regulatory framework
FIA EPTA’s members support the FCA’s objectives of promoting market integrity and resilience and preventing disorderly trading and settlement in the commodity markets and our members generally welcome the proposals included in the consultation. We restrict our comments, therefore, to a limited number of issues, as set out in our response.
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New paper highlights the role of liquidity providers in efficient markets
Analysis of market data from a day when a partial outage prevented liquidity providers from accessing a major pan-European exchange has revealed that their absence materially decreased volumes and increased the cost of trading.
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FIA EPTA response to the FCA CP on D&I in the Financial Sector - Working Together to Drive Change
FIA EPTA members support the FCA's aims to improve diversity and inclusion in the financial sector; as it is an important component of creating sustainable financial markets. In addition, FIA EPTA members believe that supporting healthy work cultures, unlocking talent and creating an inclusive atmosphere within firms can further support the international competitiveness of the UK’s financial services sector.
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FIA EPTA response to the ESMA Call for Evidence on shortening the settlement cycle
FIA EPTA supports the position set out by the European T+1 Industry Taskforce in their High-Level Remarks. As independent market makers, we highlight the fundamental impact any move to so-called “atomic settlement” would have on our members’ existing business models which involves continuous market making and liquidity provision.
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FIA EPTA response to the European Commission CP on the implementation of SFDR
FIA EPTA members believe the European Union has taken a leadership role in creating a global baseline for regulatory initiatives to support the transition. In particular, the EU has developed a regulatory framework to enhance transparency and harmonisation in sustainable investment based on an agreed green taxonomy. SFDR is an important part of the EU’s promise of promoting sustainable investing.
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FIA EPTA publishes paper on important role of ETDs in green transition
While the Sustainable Finance Disclosure Regulation intends to ensure investments are environmentally and socially responsible, current restrictions on ETDs may inadvertently hinder progress, paper says.
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FIA EPTA response to the EBA Consultation Paper on Draft Guidelines on the application of the group capital test for investment firm groups (EBA/CP/202/16)
FIA EPTA welcomes the objective of the EBA to ensure a harmonized interpretation and implementation of the Group Capital Test (“GCT”) by setting objective criteria to assess whether the structure of an investment firm group is: a) sufficiently simple, and b) poses significant risks to clients or to market. We agree that it is indeed important to ensure a level playing field in the application of the regime across the EU and important to provide guidelines to NCAs for them to supervise investments firms in an efficient manner.
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