Europe News
The latest industry and regulatory news affecting Europe and the U.K.
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FIA highlights CCP margin procyclicality concerns to European Regulators
FIA today presented to the European Securities and Markets Authority (ESMA) on the issues experienced in the spring of 2020 when high volatility and procyclicality of margin requirements were experienced in the global clearing system.
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FIA EPTA response to the EBA Discussion Paper on management and supervision of ESG risks for credit institutions and investment firms
FIA EPTA is committed to supporting policymakers in ensuring the success of the sustainable finance project at all levels of the capital market ecosystem. The consultation that the EBA has published mainly focuses on ESG risks stemming from clients and counterparties. FIA EPTA members deal with regulated parties as counterparties, perform additional screenings that may already include the necessary ESG elements, and do not have clients or manage funds, but trade on their own account and at their own risk.
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FIA, FIA EPTA and ISDA offer joint response to the European Commission targeted consultation the CSDR review
On 2 February 2021, ISDA, FIA and FIA EPTA submitted a joint response to the European Commission’s (EC) targeted consultation on the review of the settlement and central securities depositories regulation (CSDR).
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FIA EPTA, FIA and ISDA offer joint response to the European Commission targeted consultationon the CSDR reviw
On 2 February 2021, ISDA, FIA and FIA EPTA submitted a joint response to the European Commission’s (EC) targeted consultation on the review of the settlement and central securities depositories regulation (CSDR). The Associations outline their members’ concerns with regards to detrimental effects arising from the application of the CSDR mandatory buy-in regime for derivatives markets. The Associations request the European Commission and the co-legislators to clarify that the mandatory buy-in requirements of the CSDR settlement discipline regime do not apply in the context of margin transfers, physically settled derivatives and emission allowances.
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FIA responds to ESMA on market data
FIA responded to the ESMA Consultation Paper on draft guidelines on the MiFID II/MiFIR obligations on market data from the perspective of market data users.
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FIA EPTA response to the ESMA Consultation Paper on Guidelines on the MiFID II/MiFIR obligations on market data
FIA EPTA members welcome the opportunity to respond to this Consultation Paper on Guidelines on the MiFID II/ MiFIR obligations on market data. FIA EPTA has consistently supported ESMA’s work on market data issues and we very much welcomed ESMA’s review report from December 2019 and its draft Guidelines which build on this report. As we have shown in our response to ESMA’s previous consultation in 2019, user data fees are high and have increased over the past years.
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FIA comments on accessing and using wholesale market data
FIA responded to the FCA Call for Input on focused on the topic of market data from the market data users’ perspective and has been drafted with exchange-traded derivatives.
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FIA urges market role in addressing climate change
FIA President and CEO Walt Lukken made the following statement following FIA’s participation in a public consultation led by the Taskforce on Scaling Voluntary Carbon Markets (TSVCM).
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Brexit end game: state of play for financial firms
An overview of what has changed and what issues are outstanding as the transition period draws to a close
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Associations send letter to Commission on DTO equivalence
On December 9, FIA, ISDA and six other trades associations (the Association for Financial Markets in Europe, the Alternative Investment Management Association, the European Banking Federation, Electronic Debt Markets Association Europe, the European Venues and Intermediaries’ Association and the asset management group of the Securities Industry and Financial Markets Association) sent a letter requesting that the European Commission recognize the equivalence of UK trading venues for the purposes of the derivatives trading obligation before the end of the Brexit transition period.
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