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September 2024 SEF trading activity
Trading volume on swap execution facilities reached $1.62 trillion in average notional value per day during September 2024, the highest daily average for any month so far. This was up 38.1% from the previous month and up 44.5% from the same month of the previous year. Compared to August 2024, trading was up in every category.
CONTINUE READINGFIA issues joint statement on DORA and definition of ICT services
FIA together with AFME, EACH, ECSDA and FESE has issued a joint statement urging the European Commission and the European Supervisory Authorities to reinstate guidance confirming that regulated financial services should not be treated as ICT services under the Digital Operational Resilience Act (DORA).
CONTINUE READINGAsset managers: Treasury futures essential tool for managing duration
In their efforts to understand the growth of the basis trade in US Treasury markets, regulators have started looking at the other side of the trade – the asset managers buying ever larger amounts of Treasury futures.
CONTINUE READINGFIA EPTA response to the ESMA Third Consultation Package on MiFIR Level 2 measures
FIA EPTA response to the first section of ESMA’s Third Consultation Package on MiFIR Level 2 measures. This package includes proposed changes to RTS 1, the Liquid Market definition and equity CTP input/output requirements. FIA EPTA’s response is confined to the proposals regarding SI equity pre-trade transparency in RTS 1.
CONTINUE READINGCFTC’s Behnam discusses US Treasury and repo clearing
FIA COO Jackie Mesa moderated a discussion with Commodity Futures Trading Commission Chair Rostin Behnam at the 2024 Treasury Market Conference, an annual event co-hosted by the US Treasury Department, the Federal Reserve Board of Governors, the Federal Reserve Bank of New York, the Securities and Exchange Commission, and the CFTC. Behnam addressed FMX’s entrance into the US interest rate futures and the role of LCH as the clearinghouse for FMX.
CONTINUE READINGCFTC’s Evolving Disclosure Requirements
Traditionally, in contrast to the securities industry, transactions involving commodities and commodity derivatives have not been associated with extensive disclosures. After the Dodd Frank amendments, swap dealers are required to provide certain disclosures to their counterparties. Recent CFTC enforcement actions involving disclosure requirements test the outer boundaries and scope of required disclosures, in part channeling disclosure requirements imposed by the SEC. This seminar will discuss these requirements, emerging enforcement trends as well as developing industry responses, including in the United States, European Union and United Kingdom.
CONTINUE READINGCCP Tracker update - Q2 2024 highlights
FIA has updated its CCP Tracker visualizations with data from the second quarter.
CONTINUE READINGDraghi report proposes EU markets consolidation and single supervisor
Industry and regulatory focus on the European Union’s Capital Markets Union ramped up several notches this month with the publication of Mario Draghi's highly anticipated report on Europe's competitiveness, as well as papers from FIA and FIA European Principal Traders Association, among others.
CONTINUE READINGTrade associations call for clarity on EMIR 3.0 effective implementation dates
FIA, AIMA, EBF, EFAMA and ISDA have sent a letter urging the European Commission and European Supervisory Authorities to clarify that market participants are not required to implement the European Market Infrastructure Regulation (EMIR 3.0) Level 1 provisions prior to the date of application of the associated Level 2 regulatory technical standards (RTS).
CONTINUE READINGFIA New Member Profile – Kraken
Kraken is one of the world’s longest-standing crypto platforms. Its mission is to accelerate the global adoption of crypto, so that everyone can achieve financial freedom and inclusion. Globally, Kraken clients trade more than 200 digital assets and six national currencies including GBP, EUR, USD, CAD, CHF, and AUD.
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