Publications & Filings
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FIA responds to ESMA consultation on margin transparency requirements
FIA has responded to the European Securities and Markets Authority’s consultation on margin transparency requirements, urging the regulator not to mandate overly prescriptive requirements for clearing member firms, particularly those that do not apply their own margin models but simply pass through clearinghouses’ margin requirements to clients.
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FIA responds to SEBI closing auction session proposal
FIA has submitted comments to the Securities and Exchange Board of India on its proposal to introduce a closing auction session in the equity cash segment. FIA welcomes SEBI’s initiative as an important step in bringing India’s market structure closer to global best practices.
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FIA responds to SEBI consultation on restructuring of indices with derivatives contracts
FIA has submitted its response to the Securities and Exchange Board of India’s consultation on the implementation of eligibility criteria for derivatives on non-benchmark indices, which aim to prevent concentration of derivatives indices in a few stocks. FIA supports Alternative B, which allows existing indices to transition through reweighting and constituent adjustments, rather than requiring the creation of entirely new indices.
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FIA responds to ESMA consultation on clearing fees and associated costs disclosure requirements
FIA has submitted a response to the European Securities and Markets Authority’s consultation paper on clearing fees and associated costs information under the European Market Infrastructure Regulation (EMIR 3.0). FIA cautions against the proposed requirements on clearing service providers, which are duplicative, and suggests an alternative approach.
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FIA submits request for clarification on EMIR 3.0 active account representativeness
FIA, ISDA and the European Fund and Asset Management Association have shared a paper with EU policymakers, requesting clarification on the implementation of the active account requirement under the European Market Infrastructure Regulation (EMIR 3.0) in relation to representativeness. The associations request regulatory guidance, with a view to standardising compliance and avoiding fragmented implementation of requirements across EU member states.
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FIA responds to ASX dynamic default fund consultation
FIA has submitted its response to ASX on its proposed Dynamic Default Fund Framework. In its response, FIA welcomed the initiative to strengthen resilience and risk management and also urged refinements to better align with international standards and market practice.
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FIA responds to FCA consultation on ancillary activities exemption
FIA supports replacing the market share test with an annual threshold test, but raises concerns about the suggested inclusion of trading venue activity. Doing so would add complexity, increase compliance costs, and reduce UK competitiveness relative to the EU and the US, where only non-venue derivatives are counted.
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ISDA, SIFMA and FIA comments on enhanced supplementary leverage ratio reforms
FIA, ISDA and SIFMA strongly support the proposed recalibration of the Enhanced Supplementary Leverage Ratio and urge the Federal Reserve, FDIC, and OCC to finalize the proposal as soon as possible, with an effective date no later than 1 January 2026.
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Joint trades call for recalibration of cryptoasset prudential standards and highlight DLT’s transformative role in capital markets
The Joint Trades recommend essential revisions of the Basel banking prudential treatment of cryptoassets and pausing implementation of SCO60 ahead of its January 2026 effective date to allow for a targeted consultation and redesign. The letter highlights the excessively conservative and overly punitive capital treatment of cryptoassets that is misaligned with actual risks, in addition to various inconsistencies with current market risk management practices.
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FIA responds to CFTC spot crypto listing initiative
FIA has responded to the US Commodity Futures Trading Commission’s spot crypto listing initiative, which invites stakeholders to work with the Commission “on providing regulatory clarity on how to list spot crypto asset contracts on CFTC-regulated designated contract markets” using the Commission’s “existing authority” under the Commodity Exchange Act.
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